Secretary silent on Jockey Club closure rumours, stresses contract duties

Secretary for Economy and Finance, Lei Wai Nong, emphasised that the Macau Jockey Club and all gaming operators in the city must “diligently” meet their obligations in accordance with legal provisions and the terms stipulated in their concession contracts.

Speaking to local media outlets on the sidelines of an event on Wednesday, he declined to make comments on recent speculation circulating about the potential closure of the Macau Jockey Club’s racing betting business in the long run.

Earlier this month, the Macau Jockey Club confirmed that horse racing would continue for another year after securing approval from the authorities, offering hope for the future of an industry long rooted in the city.

This year, concerns have been raised within the horse racing sector that Macau might follow Singapore’s decision to discontinue the sport. According to Asian Racing Report quoting local trainers, racing in Macau was trimmed to one meeting per week only, with the population of horses in the territory now as low as 220.

The secretary reiterated that all gaming operators in the SAR must fulfill their contractual obligations. 

He also emphasised that the Gaming Inspection and Co-ordination Bureau (DICJ) will carry out its regulatory responsibilities in accordance with law.

The Macau Jockey Club has reportedly failed to honour pledges it made when it secured a 24-year extension to its concession in 2018.

At that time, the horse racing operator pledged to invest MOP1.5 billion (US$186 million) in stages to upgrade existing facilities and develop non-gaming offerings.

As part of the new 10-year concessions, Macau gaming concessionaires have committed themselves to around 108.7 billion in investment to develop non-gaming elements and exploring overseas tourism markets. 

In the event that Macau’s annual gross gaming revenue is to reach MOP180 billion by 2027, the six gaming operators will have to increase their initial pledge by approximately 20 per cent.

The Macau Jockey Club has been on a losing streak since 2005. It reported in June accumulated losses of MOP2.1 billion for 2022.

The upcoming horse racing season for 2023/2024 is set to commence on 29 September. 

Meanwhile, races held in Hong Kong and Malaysia will also broadcast on the club’s channels.

At least one race has been scheduled every week, with occasional instances of two races per week, the club’s schedule shows.