Tuesday, June 25, 2024
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Macau Jockey Club land officially reverts to the government

The Macau Government has officially recovered the 363,192-square meter land plot used by the Macau Jockey Club, shortly after the exploration concession reached its newly set termination deadline.

The Macau Jockey Club officially shut down on April 1st, with the concessionaire having until April 2025 to revert all facilities to the government.

A government dispatch today stated that, as a result of the expiry of the concession, the land plot was to revert to Macau state public domain immediately, without any compensation provided to the previous concessionaire.

The exclusive concession handed to the Macau Jockey Club (MJC) had been renewed and extended despite known financial difficulties by the operator.

The concession was extended for 24 years from the end of 2018 until August 2042, which had committed to making investments of up to MOP3.4 billion patacas ($385.5 million) in upgrading the race track facilities.

The MJC had announced plans to move forward, by 2026, with a tourism project that included at least two hotels, green leisure areas, sports areas, restaurants, shops, a museum and a riding school.

However, at the beginning of this year, the SAR government announced the termination of the concession contract, following a request from the concessionaire itself, which cited financial difficulties and losses exceeding MOP2.5 billion ($312.9 million).

Macau’s top official, Chief Executive Ho Iat Seng, has already reiterated that the Macau Jockey Club land will not be used for gaming purposes in the future.

Nelson Moura
Nelson Mourahttp://agbrief.com
Editor and reporter with 10 years of experience in Greater China, namely Taiwan and Macau, in printed and online media, with a focus on finance, gaming, politics, crime, business and social issues.



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