Government reclaims Macau Jockey Club site for multifunctional venue?

Jenny Ortiz May 16, 2024

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Government reclaims Macau Jockey Club site for multifunctional venue?

?Following the conclusion of its last race, the?Macau Jockey Club‘s land has been reclaimed by the Macau government. The Secretary for Transport and Public Works issued an order published in the Government Gazette, nullifying the concession held by Macau Horse Race Co for the 362,000 square-meter plot, with no compensation to the former concessionaire.?

The Macau Jockey Club ceased operations on April 1st, marking the end of over four decades of horse racing. Despite a turnout of approximately 3,000 spectators for its final races, the club’s longstanding financial difficulties prompted the government’s decision to terminate the concession contract, announced in January.

The government attributed the closure to a significant decline in attendance and betting revenue. The development signals a major shift in the economic landscape that once supported horse racing in Macau.

Government decree: Land reverts to?public?domain?

A recent government dispatch declared the immediate reversion of the land plot to Macau’s state public domain, with no compensation provided to the former concessionaire due to the concession’s expiry.

Renewed concession and financial challenges?

Despite financial struggles, the Macau Jockey Club had its concession extended until August 2042, committing to substantial investments in upgrading racetrack facilities amounting to MOP3.4 billion patacas (€389.5 million).

Plans and concession termination?

Initial plans by the Macau Jockey Club included a tourism project slated for 2026, encompassing hotels, leisure areas, sports facilities, dining establishments, retail outlets, a museum, and a riding school.

However, citing financial difficulties and losses surpassing MOP2.5 billion (€236.4 million), the concessionaire requested termination of the contract, leading to the government’s decision earlier this year.

Non-gaming future: Land use direction?

Chief Executive Ho Iat Seng reiterated that the reclaimed land will not be allocated for gaming purposes in the future,?signalling?a shift in land use and development priorities for Macau.?