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Macau, a city known for its glitz and glitter, is saying goodbye to a legendary period in its history of entertainment. The Macau Horse Racing Company, operator of the famed Macau Jockey Club, has formally ended its exclusive concession to hold horse racing events.
Lei Wai Nong, Secretary for Economy and Finance, signed the deal that put an end to the Macau Jockey Club’s long-standing monopoly in an unprecedented step. The ruling was made in response to the company’s appeal, which was made last year and included complaints about poor racing conditions and operating difficulties.
“The Macau Horse Racing Company Limited has been operating at a loss, accumulated in excess of MOP2.5bn,” revealed the company’s statement, highlighting the financial woes that catalyzed this pivotal decision.
Important details are outlined in the termination agreement, a document that decides what will happen to Macau’s racing heritage. Acknowledging its duty, the Macau Horse Racing Company promised to take care of the impacted workers’ benefits and labor rights. It also promised to coordinate the movement of horses to designated areas by March 31, 2025.
With this news, the government’s 2018 extended concession period comes to an end. The arrangement, which had been scheduled to expire on August 31, 2045, unexpectedly terminated, highlighting the difficulties the Macau Jockey Club was facing.
The Macau Jockey Club has struggled with financial difficulties since 1989. It was founded on a historic treaty between the Portuguese government and the then-active stockholders. A reorganization attempt in 1991 gave the club a lifeline and allowed it to continue operating.
As Macau’s horse racing monopoly comes to an end, the city considers the history of the Macau Jockey Club and the lasting impact it has had on the entertainment scene in the area.
The Macau Jockey Club ends its historic concession in 2024, ushering in a new era in the entertainment landscape of the city.