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Jockey Club reports 4 billion patacas in accumulated losses

The Macau Jockey Club in Taipa reported accumulated losses of 4.07 billion patacas, assets of 240 million patacas and liabilities of 1.3 billion patacas at the end of last year.

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UPDATED: 22 Dec 2023, 5:51 am

The Macau Jockey Club in Taipa reported accumulated losses of 4.07 billion patacas, assets of 240 million patacas and liabilities of 1.3 billion patacas at the end of last year.

The horse-racing company reported an operating loss of 109 million patacas last year.

The company announced the figures in a statement in the Official Gazette (BO).

The figures released on Wednesday were approved by a board meeting of the company on March 29. Lawmaker Angela Leong On Kei is the company’s chief executive and vice-president of the board.

Leong also heads the city’s dog-racing company and casino operator SJM.

All public concession and utility companies are required to publish periodic summaries of their financial results in the Official Gazette.

The statement pointed out that the horse-racing concession, first granted by the government in 1978, will expire at the end of August. According to the statement, the company is “in the process of applying for the renewal of the horse-racing concession agreement by the government of the Macau Special Administrative Region.”

The company’s ownership has changed several times since the 1980s. It started out with harness racing.

UPDATED: 22 Dec 2023, 5:51 am

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