Secretary for Economy and Finance Lionel Leong Vai Tac said yesterday that the government will extend the Macau Jockey Club’s (MJC) horse-racing concession, which was slated to expire today, for 24 years and six months to August 31, 2042.
Leong made the remarks while speaking to reporters at the Bank of China (BOC) Building in Nam Van on the sidelines of a Chinese New Year reception hosted by the Macau Association of Banks (ABM).
When the company’s horse-racing concession expired in late August last year, the government extended it for six months to February 28 (today). Leong told reporters earlier that month that the six-month extension would allow the government to study a development plan for the racetrack in Taipa that had been submitted by the company.
Leong said at that time that the MJC had recently submitted a long-term and large-scale development and investment plan for its sprawling Taipa racecourse to the government.
In 2015, the government extended the company’s horse-racing concession for two years to August 31 last year. Previously, its concession was extended for 10 years, from 2005 to August 31, 2015.
The horse-racing concession was first granted by the government in 1978. The company’s ownership has changed several times since the 1980s. It started out with harness racing which failed to excite punters.
Speaking to reporters yesterday, Leong said that the MJC had pledged to invest 1.5 billion patacas phase by phase to improve the facilities at its racecourse and to increase non-gaming elements there.
Leong said the government would keep monitoring the company to check whether it is carrying out its phased investment as promised. He said that the government would terminate the company’s horse-racing concession during the nearly a quarter-of-a-century period if it failed to meet its promises.
Customarily, the government’s concessions have a maximum validity of 25 years.
Leong noted that the MJC has incurred losses for a long time, adding he expects the promised largescale investment to improve the company’s business performance.
Leong also said that, more importantly, the continuation of horse racing could contribute to the diversification of the city’s gaming industry and give a further boost to the consistent increase in non-gaming attractions.
Leong said that the extension of the horse-racing concession will be published in the Official Gazette (BO) today.
The Gaming Inspection and Coordination Bureau (DICJ) said in a statement yesterday that the government has decided to extend the company’s horse-racing concession to 2042, considering that the investment plan submitted by the company would help Macau develop into a world tourism and leisure centre.
The statement also said that the company’s investment plan would provide residents and tourists alike with more options for leisure activities.
Meanwhile, directly-elected lawmaker Angela Leong On Kei, the vice-chairwoman of the MJC, told reporters yesterday that her company’s board members during a recent meeting agreed on a plan to invest over two billion patacas in revamping the property.
Angela Leong’s nonagenarian husband Stanley Ho Hung Sun chairs the company.
Angela Leong spoke to the media on the sidelines of the Legislative Assembly’s (AL) Chinese New Year media luncheon at Macau Tower.
According to Angela Leong, the development projects for the racecourse will include a riding school, a playground, a hotel and a mall with a food court, which she said would be suitable for both children and adults.
Angela Leong noted that the MJC has incurred losses for many years, adding that the shareholders of the company “have been willing to accept the losses happily”.
Angela Leong said that the MJC decided not to shut down the horse racing business despite incurring heavy losses for years as it did not want its staff to become unemployed. She underlined that many MJC employees have been working for the company more than 20 years.
Angela Leong is also the executive director of Macau (Yat Yuen) Canidrome Co. Ltd., which will close for good in July, after it was given a two-year notice of closure by the government in 2016. The government’s greyhound-racing concession was originally granted in 1961. The first races were held in the Canidrome in 1963.
Secretary for Economy and Finance Lionel Leong Vai Tac speaks to reporters at the Bank of China (BOC) Building in Nam Van yesterday. Photo: GCS
Lawmaker-cum-MJC vice-chairwoman Angela Leong On Kei speaks to reporters at Macau Tower yesterday. Photo: Joel Chu
