Macau Jockey Club Ends Concession After $2.5 Billion Loss

The iconic Macau Jockey Club, a cherished institution in the world of horse racing, is bidding farewell to its concession contract as it grapples with staggering losses exceeding $2.5 billion. The termination agreement, reached with the Macau government, has left racing enthusiasts and the local community in shock.

Established through a contract between the Portuguese government and shareholders, the Macau Jockey Club enjoyed years of prosperity. However, its fortunes took a downturn in 1989 when a Taiwanese consortium introduced flat horse racing, denting the club's profitability. In 1991, the government mandated a restructuring effort led by local gambling leaders to help the club stay afloat.

Despite its relentless efforts to diversify gaming and promote tourism, the Macau Jockey Club found itself ensnared in a web of financial woes. The horse racing industry in Macau faced limited room for growth, exacerbated by the COVID-19 pandemic and China's Zero-COVID policy.

In light of these challenges, the Macau Horse Racing Company Limited's board of directors made the painful decision to cease all racing-related operations. However, the club's member facilities will remain accessible to loyal patrons, and the company expressed gratitude to colleagues, horse owners, and members for their unwavering support.

The Macau Horse Racing Company Limited pledged to provide necessary briefings, job referrals, and compensation in accordance with Macau labor laws to support its staff during the transition. Specific details about horse arrangements will be communicated before March 31, offering some reassurance to horse owners.

The termination of the Macau Jockey Club's concession marks the end of an era in Macau's horse racing history, leaving a void that will be keenly felt by racing enthusiasts and the local community alike.