The Macau Horse Race Co., Ltd. will invest MOP1.5 billion in phases to improve Club facilities and increase non-gaming facilities
Lionel Leong Vai Tac believes that the Macau Horse Race Co., Ltd. will have positive effects on Macao’s non-gaming elements (Photo courtesy of Government Information Bureau)
Macau Horse Race Company Concession Extended; to Invest More in Non-gaming Elements
The Macau Horse Race Co., Ltd., which operates Macau Jockey Club (MJC) had its horseracing concession extended to 31st August, 2042 by the Macao SAR Government due to its proposed strategy of assisting the construction of Macao as a world centre of tourism and leisure via sustained investment. The announcement was made by the Macao SAR Government in February.
The firm will invest MOP1.5 billion in phases to improve Club facilities and increase non-gaming facilities in order to strengthen its competitiveness and achieve sustainable development. The company also believes that the new investment will facilitate the choice of recreational facilities for residents and visitors whilst generating tourism opportunities and economic development.
Macao SAR Government Secretary for Economy and Finance Lionel Leong Vai Tac believes that the increased investment will help improve MJC's expansion of non-gaming facilities. He also stated that the concession extension introduced new conditions to the company, including a shortening of the grace period allowed for the company to pay any due taxes, with the promised investment plan to be in place according to an agreed schedule, failing which the concession would be suspended.