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Posting Date: March 31st, 2024 at 12:56h
Last updated on: March 31st, 2024 at 01:02h
Macau, China’s gambling capital, held its final horse races on Sunday. The Taipa Racecourse was only half full of gamblers, but they placed their final bets. This marked the end of a 40-year-old tradition in a city that is known for its casinos.
In January, the city government announced that it was Termination of a contract The MJC has a 18-year contract. According to a contract signed in 2018 for 24 years, the MJC committed to investing millions to improve infrastructure and expand services.
The horse racing in the ex-Portuguese colony never recovered following the pandemic. The Macau Horse Racing Company, the parent company of the MJC, requested the government to release it from the contract after the MJC accumulated operating losses in excess of $311 million last year.
According to Cheong Weng Chon, Secretary for Administration and Justice, the government decided to accept this application in January. The reason given was that “it’s impossible to align horse-racing activities with the current needs of society,” and that “these activities are losing their appeal to both local residents and visitors in recent times.”
The termination agreement stipulates that the MHRC must transport the horses of the owners to another location by March 31, 2025 and pay severance to the employees. (Despite its decreasing popularity in Macau the MJC remains one of Macau’s largest private employers, with around 300 part-time employees and 800 full-time employees.)
The land that is currently occupied the MJC and includes the Taipa Racecourse will be returned to government. There are no plans for the construction of another racetrack. The possibility of converting the track into a stadium to host international sporting events has been raised by lawmakers.
Since 1980, when the Macau Trotting Club was founded as a harness racing track, the MJC holds the exclusive rights for horse racing and horse wagering in Macau. Macau’s harness racing didn’t take off so the club shifted to thoroughbred racing.
In 1991, MJC’s ownership was taken over by MHRC. This consortium was led by late gambling tycoon, John C. B. Smith. Stanley Ho, which held the casino monopoly until 2002 in Macau.
Horse racing is popular in Hong Kong.
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