Macau Jockey Club reports US$240m in losses for 2021

The Macau Jockey Club has shared its financial results for full-year 2021.

Macau.- The economic situation of the Macau Jockey Club continues to deteriorate according to its financial report for the year 2021. Losses for the full year hit MOP1.9bn (US$240m).

In 2020, the Macau Horse Racing Company revealed a loss of MOP1.7bn (US$212.5m) and revenue of MOP47m. For the first quarter of this year, the company reported MOP10m in horse racing betting gaming revenues.

The Macau Jockey Club also reported that it has completed the renovation of the horse pool, the stables and the first to fifth floors of its racing building and has replaced its computer system and carried out improvements to the race track.

The Macau Jockey Club is one of the largest private employers in Macau with around 800 employees. It was formerly known as the Macau Trotting Club until 1989 when it changed ownership and was transformed into Macau Jockey Club.

The concession agreement to Macau Racing Company was originally granted in 1978 and the current lease has been amended and extended until 31 August 2042 despite the company having once owed the government about MOP200m and having accumulated losses of nearly MOP4.1bn by 2017.

To avoid the termination of the extended franchise contract, the company was required to pay the full MOP150m owed until March 2021 together with a monthly payment of MOP4.17m.