Scientific Game

Macau Jockey Club to invest MOP$1.5 billion in facilities as part of 24-year concession extension

Wednesday, 28 February 2018 04:38
Visit us

The Macau SAR Government has extended the horse racing concession of Macau Horse Race Company Ltd, operator of Macau Jockey Club (MJC), for another 24 years and six months after the company pledged to invest MOP$1.5 billion to upgrade facilities.

Secretary for Economy and Finance Leong Vai Tac revealed on Tuesday that the concession extension will now run through to 31 August 2042 – a massive jump on the six-month extension it had previously been granted in August and the two-year extension it was granted in September 2015. Leong said the investment would help Macau achieve its goal of becoming the World Center for Tourism and Leisure.

Macau Horse Race Company has promised to include a number of non-gaming elements in its upgrade including multiple hotels and restaurants. Leong added that it must put the established capital in place at the appointed time or the new contract would be suspended.

It is hoped that the lengthy concession will help the MJC improve its dire financial position, with Macau Horse Racing Co having booked a loss every single year since 2005, reaching accumulated losses of MOP$4.1 billion as of 2016.

The Macau Jockey Club last year transferred its casino operations, under license of SJM, to the newly opened Macau Roosevelt Hotel located nearby.

What's new

LRWC and Galaxy acquire 23-hectare site for US$500 Philippines IR

LRWC and Galaxy acquire 23-hectare site for US$500 Philippines IR Leisure and Resorts World Corp (LRWC) has revealed that one of its subsidiaries has purchased 23 hectares of land on Boracay Island for the US$500 million integrated resort it plans to build in partnership with Galaxy Entertainment Group. In a filing to the Philippines Stock Exchange on Monday, LRW... Tuesday, 20 March 2018 07:18

The 13 Holdings subscribes 90.26% of available shares in HK$973 million fundraising effort

The 13 Holdings subscribes 90.26% of available shares in HK$973 million fundraising effort The 13 Holdings Ltd says that 90.26% of the 920,867,010 rights issue shares made available for subscription have been subscribed as it looks to raise HK$973 million for completion of its luxury Macau hotel and casino, The 13. In a filing to the Hong Kong Stock Exchange on Monday, The 13 Holdings sa... Tuesday, 20 March 2018 07:05

VIDEO: A look inside Tiger Palace Resort Bhairahawa

VIDEO: A look inside Tiger Palace Resort Bhairahawa IAG provides a unique glimpse inside Silver Heritage Group's new IR, Tiger Palace Resort, which held its Grand Opening over the weekend. Tuesday, 20 March 2018 06:54

Pansy Ho takes over as Hong Kong’s richest woman

Pansy Ho takes over as Hong Kong’s richest woman MGM China Executive Director and co-Chairperson Pansy Ho has claimed the title of Hong Kong’s richest woman, according to Bloomberg’s Billionaire’s Index, with a personal fortune of US$6.01 billion. The daughter of Macau gaming godfather Stanley Ho, the 55-year-old has claimed the mantle from... Tuesday, 20 March 2018 06:35

Current Issue

MGM “all-in” on Cotai

MGM “all-in” on Cotai Almost five years to the day since MGM first broke ground on its second Macau integrated resort, MGM Cotai finally opened its doors to the public on 13 February with the US$3.4 billion investment pinning its future on the premium mass market and an array of innovative features. By Ben Blaschke “... Tuesday, 27 February 2018 14:50

European vacation

European vacation Novomatic is targeting both the US and Asian markets with its recent acquisition of a 52% stake in Australian slot machine developer Ainsworth Game Technology.By Ben Blaschke WHEN Austrian gaming giant Novomatic Group confirmed the completion of its AU$500 million purchase of a 52.2% stake in Austra... Tuesday, 27 February 2018 14:48

Problem solving

Problem solving Inside Asian Gaming speaks with Davis Fong, Associate Professor in International Integrated Resort Management and Director of Institute for the Study of Commercial Gaming at the University of Macau’s Faculty of Business Administration, about the extent of gambling disorders in the Asian gaming hub... Tuesday, 27 February 2018 14:44

Gaming and the nine intelligences

Gaming and the nine intelligences Sudhir Kale explores the nine types of intelligence as defined by Harvard psychologist Howard Gardner and how they apply to the gaming industry.  DURING my decades of involvement in the gaming industry, I have had the pleasure of knowing many senior executives from all over the world. They are all... Tuesday, 27 February 2018 14:40