The Macao Special Administrative Region Government holds a press conference regarding termination of Macau Horse Race Company Ltd's horse-racing concession and relevant follow up work.
The Secretary for Economy and Finance, Mr Lei Wai Nong, signed today, on behalf of the Macao Special Administrative Region (MSAR) Government, a document with Macau Horse Race Company Ltd regarding termination of the latter’s horse-racing concession effective from 1 April 2024.
The MSAR Government in 2018 signed with the Macau Horse Race Company Ltd an extension of the city’s horse-racing concession for a period of 24 years and six months, running from 1 March 2018 to 31 August 2042.
The Macau Horse Race Company Ltd in 2023 submitted a request to the MSAR Government regarding termination of its horse-racing concession, citing the company’s operational difficulties, and the inability of horse-racing activities to meet the current development needs of society.
Despite having a history of over 40 years, modern horse racing in Macao has experienced a decline in popularity among locals and tourists in recent years. Taking this into consideration, and after a thorough study, the MSAR Government has decided to accept the Macau Horse Race Company Ltd’s application.
Through mutual agreement, the horse-racing concession will be terminated on 1 April 2024, and horse-racing activities will cease from that date.
According to the termination contract, the Macau Horse Race Company Ltd pledged its commitment to handle properly the labour rights, and benefits due, for affected employees in accordance with the law. The company also pledged to arrange for transportation of its horses to other locations by 31 March 2025. In addition, in order to facilitate the appropriate stabling of horses during the transitional period, the existing racecourse facilities will be temporarily provided to the Macau Horse Race Company Ltd after the termination of concession, with a view to ensuring an orderly and phased transfer of the horses to other places.
In compliance with the law and the provisions of the concession, the land and related facilities of the racecourse will revert to the MSAR Government without charge, after the termination of the horse-racing concession takes effect from 1 April 2024.
