The Macau Horse Racing Firm has agreed to quit offering horse racing from 1 April 2024.
As of late (15 January), the Macau Horse Racing Firm – which operates the Macau Jockey Membership – signed an agreement with the actual administrative state’s authorities. This agreement terminated the concession awarded to the Membership to completely operate horse racing in Macau.
Lei Wai Nong, secretary for economy and finance, signed the agreement on behalf of the authorities.
Demand to quit concession
The Macau Horse Racing Firm submitted a count on to the authorities to discontinuance the concession closing 300 and sixty five days. The company cited difficulties in operations and a lacklustre horse racing ambiance as causes for the termination count on.
“Macau Horse Racing Firm Limited has been operating at a loss, accumulated in far extra than MOP2.5bn,” read an announcement from the company.
“Furthermore, there has been miniature room for pattern and boost of the horse racing business in Macau over time, and collectively with the unfavorable enact induced by pandemic over these closing three years, it has modified into increasingly subtle to withhold the operations.”
“The Board of Directors has needed to cancel a cosmopolitan resolution, and taking off from April 1, 2024, the company will quit all racing connected operations.”
At some level of the termination agreement
As piece of the agreement, the Macau Horse Racing Firm agreed to take care of the labour rights and advantages due for staff tormented by the termination.
This could well well well additionally facilitate the transportation of horses to completely different licensed areas by 31 March 2025.
In 2018, the authorities signed an extension to the fresh concession with the Macau Horse Racing Firm. At the time, it agreed to an extra 24 years and 6 months. This could well enjoy watch the concession come to an end on 31 August 2045.
The Macau Jockey Membership changed into created thru a contract signed by the Portuguese authorities and shareholders active on the time. The Membership has been the subject of financial issues since 1989.
In 1991, the Membership undertook a restructuring which allowed it to proceed operating.
