The Macau Jockey Club (MJC) agreed to reduce prize money by 30%, and its jockeys and trainers were ready to go on strike. It was anticipated that the reduction would take effect on November 18, 2023, but MJC’s precarious financial situation makes it uncertain whether it can survive beyond the current racing season.
Many MJC workers signed an open letter on November 14th, stating their desire to go on strike and stressing the horrible impact that the expected loss in prize money would have on their lives. This was in response to the planned decrease in revenue.
MJC’s top management, trainers, and riders met on November 17 and decided to keep things as they were for the racing event the following day. MJC may, according to rumors, cut the number of races on each racing day from five to three or four starting in December, notwithstanding the temporary fix. Industry participants and the government are both upset about the situation, which has caused a stir in the industry.
Due to the COVID-19 pandemic, MJC has seen a 63% decrease in 3Q23 turnover when compared to 2019 levels. This indicates that the company is facing financial troubles. The Macau government sanctioned the 2023–2024 season despite concerns about its sustainability, and the first meet took place on September 29. Following the epidemic, MJC has not increased its workforce, and it has put a halt to its hiring practices. Government authorities and corporate leaders are nevertheless intrigued by the club’s ability to overcome financial difficulties while continuing operations.
Original story by: IAG
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