Macau Jockey Club may get deposit return of $1.86 million from gov’t

The government may repay the Macau Jockey Club’s investment up to MOP15 million ($1.86 million) if it closes by April 1st, 2025, and satisfies all conditions related to the transfer of horses and payment of employees.

The initial deposit made in accordance with the 1996 exclusivity deal serves as the basis for this figure.

TDM Canal Macau said that the Macau Jockey Club must pay penalties of MOP1,000 ($120) per day for each horse if it is unable to move the 289 horses by the deadline. The horses’ transportation to the Chinese mainland has been agreed upon, but some owners have expressed a desire to relocate the horses to another country, such as Australia. The government would permit this relocation as long as all quarantine and hygienic requirements are met.

The Macau Jockey Club may request an extension under the provisions of the contract termination agreement to continue using the property beyond its usual return date of April 1st, 2025, provided that a valid justification for the delay is provided.

The last full year of racing in Macau, which is scheduled to conclude on March 31, 2024, brought in MOP199 million ($24.67 million) in revenue. The Macau Jockey Club decided to abandon the contract and turn over the relevant property to the government due to increasing losses.

In 2018, the club was given a 24-year extension to its racing license until 2042. Horse racing in Macau would cease when the authorities said that the company would not be penalized for the early cancellation and that the land would not be turned into a casino.

Original story by: Asia Gaming Brief