Macau (MNA) – Macau Jockey Club (MJC) will invest MOP3.5 billion(US$433.8 million) to MOP4.5 billion to diversify its business, it was revealed by legislator Ella Lei Ching I during a Legislative Assembly (AL) meeting for land and public grants concessions on Thursday.
MJC had previously revealed that its investment plan will involve improvement of facilities, smart stables, a horse theme park and a riding school.
According to the updated investment plan, the money will be used in four phases, with plans also for a park in the middle of the MJC compound and two hotels, a service apartment hotel and a 2-star hotel.
Construction for the hotel will begin in 2020, which is set to be completed from 2024 to 2026.
According to Ms. Lei, the renewal contract granted by the Macau SAR Government for 24 years and six months were based on these conditions.
The contract will expire on August, 2042.
Paulo Martins Chan, the head of the Gaming Inspection and Coordination Bureau (DICJ) told media that failure to adhere to the conditions of the investment plan “would lead the to contract being suspended or cancelled.”
MJC currently owes the Macau SAR Government MOP150 million, which comprises of late tax payments, and a terminated contract the MJC had held with think-tank Macao Foundation.
According to Chan, the amount that has been repaid to the government is about MOP40 million.
Upon announcing the extension, the original deadline for repayment of the debt to the government was shortened to three years (the year 2021) instead of ten years from 2015 (the year 2025).
[Update: information on the two planned hotels included in the 3rd paragraph]
