Recently, the government of the gambling center Macao (China) said that after more than 40 years of organization, the long-standing “traditional” breast races will no longer exist and announced a plan to terminate the contract with The city’s horse racing club in April 2024.
The gambling hub on China’s south coast near Hong Kong is home to many different forms of gambling businesses, which form the mainstay of the country’s economy. However, the jockey club, which was bought by a consortium led by the late casino tycoon Stanley Ho in 1991, has faced financial difficulties in recent years.
Macao (China) has difficulty recovering tourism after the Covid-19 pandemic
A long-standing form of entertainment in Macao was forced to “go bankrupt” after 40 years of operation. Photo: News1.
Cheong Weng Chon, a Macao official, said the Macao Horse Racing Company last year requested to terminate its contract with the government, citing operational difficulties and “the inability to regulate horse racing activities for consistent with the current development needs of society”.
“These activities have increasingly lost their appeal to locals and tourists in recent years, and the government, after careful study, decided to accept the application,” he said. of the Macao Horse Racing Company”.
Local media, including public service broadcaster TDM, reported that the government has no plans to open bids for horse racing at club tracks.
The government said that under the termination agreement, which is expected to take effect on April 1, the company is committed to arranging the transport of its horses to other locations by March 2025 and has the form of public arrangements. work for the company’s employees according to the law.
In 2018, the Macao government signed an agreement with the company to extend the franchise until 2042.
Horse racing in Macao has struggled with financial difficulties in recent years and has not been able to fully recover from the Covid-19 pandemic. In 2022, the club’s accumulated losses increased to $261 million, Macao Business reported.