Secretary for Economy and Finance Lionel Leong Vai Tac said that the government has decided to extend the horse-racing concession of the Macau Jockey Club (MJC), which will expire at the end of this month, for another six months, to allow the government to study a development plan for the racetrack in Taipa submitted by the company recently.
According to the Macau Post Daily, Leong made the remarks while speaking to reporters on the sidelines of a plenary session of the legislature on Wednesday.
The government announced in the Official Gazette (BO) on Monday that it will extend the concession for the Macau Jockey Club to run horse races for another six months, to February 28 next year.
Leong said the MJC had recently submitted a long-term and large-scale development and investment plan for its sprawling Taipa racecourse to the government, adding that the plan includes the renovation of its grandstand.
Leong said the plan submitted by the MJC also lays out how the company plans to help diversify the city’s gaming industry and assist Macao in developing into a world tourism and leisure centre.
Leong said the government would study the feasibility of the company’s development plan, adding that the Gaming Inspection and Coordination Bureau (DICJ) would need time to collect opinions from other relevant government entities about the plan.
Leong pointed out that as the company’s current concession will expire soon and as the government will need time to study its development plan, it has decided to extend the current concession for another six months. Leong added he believes the government will be able to finish the study of the development plan and come to a conclusion in six months’ time.
Leong also said that for the time being the government would not announce details of the development plan for the racetrack, namely because the plan involves various government entities. He added that the government would announce details of the plan in due course.
The Macau Jockey Club reported an accumulated loss of about 4 billion patacas at the end of last year.