Macau horse racing 24-year concession to end on April 1

The sole public concession granted to Macau Horse Race Co Ltd to conduct horse racing in Macau will end on April 1st of this year, as stated by André Cheong Weng Chon, Macau’s Secretary for Administration and Justice.

Citing operational problems and a mismatch between horse racing activities and the city’s socioeconomic growth, the business reportedly requested that its contract be canceled.

Mr. Cheong claims that the government approved the company’s application after considering the decline in horse racing’s appeal in Macau over the last several years. The land plot and related infrastructure will be given to the government for free upon the contract’s conclusion. All past-due tax payments have been paid by the company.

The government is certain that the plot won’t be used for casino gambling and plans to begin a study to evaluate its potential uses in the future. Additionally, Mr. Cheong said that there will be no new public tenders for Macau’s horse racing concession. The Macau Horse Race Co. has one year to find new homes for its horses outside of Macau.

Ho Iat Seng, the chief executive of Macau, has signed an executive order allowing Lei Wai Nong, the secretary for economy and finance, to sign the deal terminating the concession on behalf of the government. The company was able to extend its horse racing betting license for an additional 24 years and 6 months until 2042 in February 2018. The races will continue to take place at the Macau Jockey Club grounds in Taipa.

Original story by: GGRAsia