Macau: Government renews Jockey Club contract

Macau Jockey Club has obtained an operating license extension.

Macau.- Macau’s Secretary for Economy and Finance, Lionel Leong Vai Tac, revealed yesterday that the government has renewed its contract with the licensed company Macau Horse Race Co Ltd, which runs Macau Jockey Club. According to the government report, the new contract was set for 24.5 years.

“The investment [of Macau Jockey Club] is to be realised in phases throughout these 24 years. For each of the phases, we’ll examine if they are investing as they have committed to. Only on the condition that the shareholders realise the investments… are we renewing their [concession] term,” Leong told reporters during an event held yesterday [February 27th].

“We hope that with this relatively large investment input that they have pledged, they [Macau Jockey Club] can turn around their business situation as seen previously. More importantly, their existence can play a positive role towards Macau government’s goal to diversify gaming offerings and non-gaming elements here,” Leong added.

Under the updated contract, the Macau Horse Race Co Ltd will have to invest MOP1.5 billion (US$186 million) in improving the facilities at the club venue and increasing non-gaming facilities. As the club’s licence was due to expire today [February 28th]  the company has renewed the deal until August 31st 2042, according to the report.