• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Macau Jockey Club concession extended to 2042: govt

Feb 27, 2018 Newsdesk Latest News, Macau, Top of the deck  


Macau Jockey Club concession extended to 2042: govt

The Macau Horse Race Co Ltd, which runs Macau Jockey Club, is to get an extension of its horse racing betting concession for a period of 24 years and six months. A condition is that the firm should invest MOP1.5 billion (US$186 million) in improving the facilities at the club venue and increasing non-gaming facilities.

So said Macau’s Secretary for Economy and Finance Lionel Leong Vai Tac to reporters at an event on Tuesday. The firm’s rights to run horse racing had been due to expire on February 28. They will now run until August 31, 2042, according to the official.

“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,” Mr Leong told reporters.

The Macau Horse Race Co has held the monopoly on horse racing betting since 1978. But the firm – which last made a profit in 2004 – had accumulated losses of more than MOP4 billion as of the end of 2016, according to the firm’s 2016 results, the most recent filed in Macau’s Official Gazette.

In August 2017, Macau Jockey Club received a six-month extension for its concession, after it submitted development plans for the club to the Macau government, according to local media reports.

“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,” Mr Leong said.

Angela Leong On Kei – an executive director of Macau casino operator SJM Holdings Ltd and a Macau legislator – is vice president of the board of Macau Horse Race Co. Within the perimeter of the horse racing facility in Taipa there is a casino licensed by SJM Holdings, which is housed inside the Macau Roosevelt Hotel.

Speaking at a separate event to that attended by Lionel Leong, Ms Leong told reporters on Tuesday that the Macau Horse Race Co is investing more than MOP2 billion in increasing non-gaming elements for the horse racing club site – namely a plan to build an equestrian school, a playground, a hotel and a mall.

Gross revenue from horse racing betting in Macau dropped by 26.2 percent year-on-year in 2017 to MOP104 million, data from the city’s gaming regulator shows. Betting volumes contracted by 27 percent during the period, to MOP517 million.

As of calendar year 2017, horse racing betting accounted for only 0.04 percent of Macau’s overall gross gaming revenue. Most of the aggregate comes from the casino industry. Other non-casino segments are greyhound racing betting; sports betting; and lotteries.


  • tweet
Related articles
  • Galaxy Macau Phase 3 MICE to launch in stages says exec
    Galaxy Macau Phase 3 MICE to launch in...

    Feb 24, 2021  

  • Macau gaming regulator new deputy was crime investigator
    Macau gaming regulator new deputy was...

    Feb 03, 2021  

More news
  • Galaxy Ent 4Q EBITDA up 207pct sequentially: firm
    Galaxy Ent 4Q EBITDA up 207pct...

    Feb 25, 2021  

  • Int Ent half-year loss up, mulls financing for Manila IR
    Int Ent half-year loss up, mulls...

    Feb 25, 2021  


Latest News

Galaxy Ent 4Q EBITDA up 207pct sequentially: firm

Galaxy Ent 4Q EBITDA up 207pct sequentially: firm

Feb 25, 2021  

Macau casino operator Galaxy Entertainment Group Ltd reported adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of HKD1.01 billion (US$129.0 million) for the fourth...
Read More
Int Ent half-year loss up, mulls financing for Manila IR

Int Ent half-year loss up, mulls financing for Manila IR

Feb 25, 2021  

Kangwon licence extension to come with tax rejig: JP Morgan

Kangwon licence extension to come with tax rejig: JP Morgan

Feb 24, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day


US$390.2 million

Net loss posted by Macau casino operator SJM Holdings for full-year 2020



Most Popular

  • Macau casino GGR soared in final days of CNY: brokeragesMacau casino GGR soared in final days of CNY: brokerages February 23, 2021
  • Pansy Ho sells off more stock in MGM Resorts for US$36mlnPansy Ho sells off more stock in MGM Resorts for US$36mln February 23, 2021
  • Macau removes last mainland cities from its quarantine listMacau removes last mainland cities from its quarantine list February 23, 2021
  • GEG in US$1.6bln construction deal on Galaxy Macau Phase 4GEG in US$1.6bln construction deal on Galaxy Macau Phase 4 February 22, 2021
  • Caesars out of Korea, ex-partner R&F asks 3yr delayCaesars out of Korea, ex-partner R&F asks 3yr delay February 19, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us