Macau Horse Racing Co. Ltd., operator of the Macau Jockey Club, has been awarded a two-year extension on its contract in the city, though it has not operated in the black since 2005.
Secretary for Economy and Finance Lionel Leong OK’d the contract, which will continue a monopoly on horse racing in the market that has been in place since 1978.
According to CalvinAyre.com, Macau Horse Racing will pay an annual MOP15 million (US$1.9 million) to the government for the exclusive right to offer bets on horse racing. Last year, the company lost MOP51.25 million compared to a loss of MOP41.4 million in 2013. And for the first six months of 2015, revenues dropped 52.6 percent to MOP100 million (US$12.5 million), compared to MOP190 million (US$23.8 million) last year, reported the website Yogonet.com.
