The Macau Horse Racing Company has officially signed an agreement with the Macau Government to terminate the “Concession Contract for the Exclusion Operation of Horse Racing.” This landmark decision will bring an end to horseracing activities in the region, with the contract concluding on April 1, 2024.
The Macau Jockey Club, previously known as the Macau Trotting Club, has cited severe financial crises and social concerns since the introduction of flat horseracing. In 1991, responding to the government’s request, the club underwent a restructuring process led by gaming companies at the time, allowing it to persist with its operations.
Reports indicate that the Macau Horse Racing Company has been operating at a significant loss, exceeding MOP$2.5 billion (US$310 million). The termination statement mentions the adverse impact of factors such as the COVID-19 pandemic on the development and growth of horseracing in Macau, contributing to the decision to cease operations. While all racing-related activities will cease, the statement assures that current member facilities will remain available to the club’s members.
Regarding the personnel associated with the company, the statement expresses gratitude, stating, “The Board of Directors and Management of the Macau Horse Racing Company Limited expressed their heartfelt gratitude to all colleagues for their dedication and their valuable contributions to the company. You have all served with a high level of professionalism with global recognition. The company will 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.”
This development marks the end of an era for horseracing in Macau, reflecting the challenges faced by the industry over the years. The decision comes as Macau recently released its full revenue report for 2023, showcasing consistent increases in gaming revenue, likely attributed to rising tourism rates.
