Macau Jockey Club Ends Concession After $2.5B in Losses

Macau Jockey Club to Terminate Concession Contract in 2024

The Macau Horse Racing Company Limited, which operates the Macau Jockey Club, has announced the regretful decision to terminate its concession contract with the Macau government. This agreement will result in the expiration of the contract on April 1, 2024.

The Macau Jockey Club was established through a contract between the Portuguese government and shareholders. However, the introduction of flat horse racing by a Taiwanese consortium in 1989 had a negative impact on the club’s business. In 1991, the government mandated a restructuring led by local gambling leaders in order for the club to continue its operations.

Despite its efforts to diversify gaming and racing on horses, as well as support tourism in the region, the Macau Jockey Club has been operating at a loss, accumulating over 2.5 billion. Additionally, the limited room for the development and growth of the horse racing industry in Macau, along with the adverse effects of the COVID-19 pandemic and China’s Zero-COVID policy, has made it increasingly difficult to sustain operations.

As a result, the Macau Horse Racing Company Limited has decided to cease all racing-related operations. However, the company has assured that the current member facilities will remain available to the Macau Jockey Club’s members.

The company also took the opportunity to thank its colleagues for their support throughout the years, recognizing their valuable contributions. It has promised to conduct necessary briefing sessions for the staff, provide assistance and job referrals, and comply with the provisions of Macau labor law to provide appropriate compensation to the employees.

Furthermore, the Macau Horse Racing Company expressed its appreciation for all horse owners and members, thanking them for their ongoing support. Specific details regarding the necessary arrangement for their horses will be provided at a later date, no later than March 31.