When the Macau government granted the Macau Jockey Club a 24.5-year contract extension, it may have been motivated by a desire to recoup taxes owed by the MJC.
According to Asia Gaming Brief, Secretary for Economy and Finance Lionel Leong said the concession is an opportunity for the company to balance its accounts and improve the property by “significantly improving the non-gaming element” to attract more visitors.
“It is true that the MJC has suffered continuous losses but overall, in terms of diversification of our gaming industry, it can contribute with its non-gaming element,” said Leong.
The extension is conditioned on the company’s willingness to invest MOP1.5 billion (US$186 million) in the facility, an investment it has agreed to make in three installments.
