The Macau Jockey Club posted accumulated losses of 2.1 billion patacas in 2022, according to official figures cited in multiple media reports.
It collected 39 million patacas in total horse racing gaming revenue, 8 million patacas less than in the previous year, figures show.
The racing operator said travel restrictions related to the Covid-19 pandemic impacted its business but added that “the number of visitors to Macau has multiplied” since the territory’s reopening and that it would take “this golden opportunity” to attract more visitors and make the Macau Jockey Club a “must-visit tourism and entertainment landmark for both tourists and local residents”.
[See more: MJC pledges to invest up to 4.5 billion patacas]
At the same time, the club noted it had been able to complete a number of renovation works, refurbishing stables and the first five floors of the racecourse building, as well as making computer system and track improvements.
In 2018, the club was given an extension of its concession to 2042 on condition that it invested billions of patacas in upgrading facilities, including the construction of two hotels, smart stables, an equine theme park, and a riding school.
The Macau Horsing Racing Company, which holds the racing concession, has reportedly been exempt from paying the full 15 million land concession rent since 2008 owing to its financial circumstances.
