A money-loser since 2004
The Macau Horse Racing Company has until 2021 to pay MOP150 million (US$18.5 million) in past-due taxes, according to Macau Business. If it fails to clear the debt in that time, its license will be revoked.
“Since they have showed willingness to continue working, we have established that they can pay the expenses in three years,” said Secretary for Economy and Finance Lionel Leong Vai Tac. “In the contract, it is pretty clear that if they cannot pay the amount by then the concession contract will be revoked.”
The company runs the Macau Jockey Club, which hasn’t made a profit since 2004, though gaming continues to flourish at the Jockey Club in neighboring Hong Kong.
The horse population in Macau has dropped to 330 and with just 57 race meetings held last season, compared to 88 in Hong Kong, the News reported. For the year that ended in September 2017, the HKJC posted record turnover of $216 billion, up 6.8 percent.
