GGRAsia – Macau Jockey Club narrows losses

Macau Jockey Club narrows losses

Jun 25, 2014 Newsdesk Latest News, Macau, Top of the deck

The Macau Horse Racing Co Ltd, which runs Macau Jockey Club, narrowed its losses in 2013. The company reported a deficit of MOP41.4 million (US$5.2 million) for last year, according to the company’s summary of the annual report published in the Official Gazette on Wednesday.

The company reduced its annual loss from MOP57.7 million in 2012. Official figures show revenue from betting on horseracing increased by 2.5 percent to MOP365 million in 2013.

The Macau Jockey Club last made a profit in 2004, and by the end of last year it had accumulated losses of about MOP3.8 billion.

The company is expected to improve its results this year following the reopening of the casino in its premises, operating on an SJM Holdings Ltd gaming licence. The casino operator had asked the city’s Gaming Inspection and Coordination Bureau permission to move some of its gaming tables into the Macau Jockey Club. The casino had been closed since 2004.

Angela Leong On Kei, an executive director of SJM Holdings, is vice president of the board of Macau Horse Racing.

Macau’s dog racing track operator, Macau (Yut Yuen) Canidrome Co Ltd also reported its 2013 results on Wednesday. The company, which holds the monopoly for betting on greyhound racing, recorded a profit of MOP70.4 million in 2013, according to calculations based on the financial data disclosed. Sociedade de Turismo e Diversões de Macau SA, a private company founded by SJM Holdings’ chairman Stanley Ho Hung Sun, is understood to be the biggest shareholder in Macau (Yat Yuen) Canidrome.

The dog track operator’s latest profits however show a 17.2 percent drop from the previous year, as the amount of bets fell for a third consecutive year. Greyhound race revenues in Macau fell by 13.2 percent to MOP178 million in 2013, according to official data. The company currently has six off-course betting centres.

In Wednesday’s report, Ms Leong, also a director at Macau (Yut Yuen) Canidrome, said the company is facing challenging times. The operator will update the betting system and introduce other upgrades to its offering this year, Mr Leong wrote in the report, without elaborating.