Macau (MNA) – Legislator Ellen Lei Cheng I revealed that the Macau Jockey Club is to include investment such as improving facilities, smart stables, a horse theme park and a riding school.
The information was disclosed after the the Legislative Assembly (AL) for land and public grants concessions had a meeting with government representatives on Thursday.
The Macau Horse Racing Company Ltd. (MJC) investment plan is to take place in three phases, consisting of more than MOP1.5 billion (US$185.5 million) going towards revitalizing the local jockey club in light of a 24-and-a-half year concession contract being granted to the loss-making business.
To ensure greater transparency in the industry, Lei said that the committee had asked Secretary of Economy and Finance Lionel Leong Vai Tac to set up specific regulations to monitor the horse racing industry.
The Secretary had said he would look into further details on how to develop such regulations.
Additionally, the committee had also requested the government to place a close eye on the development timetable for MJC to ensure it fulfils its obligations.
According to the legislator, the total debt owed by the Jockey Club is MOP150 million, which would need to be paid off within three years.
The amount comprises of late tax payments, and also a terminated contract the MJC had with the think-tank Macao Foundation, which was terminated in 2005.
If the Jockey Club had failed to pay off these debts, the concession contract for the company can be cancelled.
MJC is headed by Angela Leong On Kei, a legislator and an executive director of Sociedade de Jogos de Macau (SJM).
The extension was announced in February this year.