The Government has confirmed that the city’s horse racing concessionaire, Macau Horse Race Company Ltd, has been paying its yearly rent for leasing Government land.
The Government made the clarification on Monday (19 March) after receiving enquiry from the media regarding the status of the company’s land rental payment to the Government since 2009.
The Government has also required, since 2015, the company to pay a certain portion of its previously-due amounts to the Government on a yearly basis. As a requirement for extending the concession, the company has been instructed to repay within three years the balance of any such taxes owed to the Government.
The Government recently approved an extension of the horse racing concession, running until 31 August 2042, inclusive.
The Government made the decision after assessing a 1.5-billion-patacas investment plan from the concessionaire, which would be used to optimise its facilities and establish a greater number of non-gaming elements at its horse racing venue. The promised investment under the plan was judged to be helpful in advancing the company’s sustainable development and creating more leisure and recreational facilities in Macao.
Extending the concession was also considered helpful for propelling development of Macao’s strategic position as a world centre of tourism and leisure.
The concession extension introduces new conditions: the promised planned investment would have to be in place according to an agreed schedule, otherwise the concession would be suspended.