Fiscal Challenges Lead to the demise of Horse Racing in Macau
Horse competitions involving horses cease in Macau following over four decades.
As per an article on the QUARTZ platform [English link], the Macau Jockey Club's economic woes are responsible for this decision. Founded in 1991, the Jockey Club has been grappling with substantial operational issues recently. Additionally, horse racing in Macau has been losing its allure even among local residents and tourists.
The Macau Horse Race Company initiated a petition to terminate its agreement with the government last year. The initial contract, sealed in 2018, was slated to endure until 2042 [English link]. On this, Cheong Weng Chon, Macau's Minister for Administration and Justice, commented:
Given that these activities have been losing their charm among residents and tourists in recent times, the government, following meticulous research, has decided to endorse the Macau Horse Race Company's application. – Cheong Weng Chon, Macau's Minister for Administration and Justice, QUARTZ
The Macau government has no intentions of entrusting horse racing operations to a third party via a public tender. As part of the termination agreement, the Macau Horse Race Company has agreed to facilitate relocating the remaining racehorses to other venues by March 2025.
Horse Racing in Macau – A Rich History
Horse racing has an illustrious legacy in Macau, spanning over four decades. Betting on horse races was also widely popular in the previous Portuguese colony. Macau served as a crucial betting hub in Asia seeing as horse racing bets are illegal in China. Horse racing bets contributed significantly to Macau's gambling income, which surpassed Las Vegas' by a factor of five.
Despite its historical significance, horse racing in Macau has faced numerous financial setbacks. Consequently, this tradition has come to an end in Macau.
The Macau Horse Race Company previously conducted weekly events with 15 races each. Due to the company's financial dilemmas and waning demand, only five races were held per event recently.
The apex of horse racing in Macau peaked in the early 2000s, with over 1,200 racehorses participating in various events. The number has since dwindled to a mere 300 in Macau's renowned gambling district.
Uncertainty Faces Employees of the Macau Jockey Club
Besides trainers and jockeys, the Macau Jockey Club's employees are also affected by the cessation of horse racing in Macau. Betting shops will no longer provide horse racing bets for Macau races starting April 2024. However, various other sports and betting options will remain available.
Up to 570 employees of the Macau Jockey Club may be rendered jobless [English link]. Nonetheless, there were no indications of horse racing in Macau continuing. On this, Cheong Weng Chon, Macau's Minister for Administration and Justice, stated:
The Macau government has conducted an extensive evaluation and determined that horse racing has failed to deliver the expected socio-economic advantages. After the contract expires, there will be no further public tender for its operation. – Cheong Weng Chon, Macau's Minister for Administration and Justice, MACAU-BUSINESS-COM
Moreover, horse racing betting revenues for Macau have witnessed a substantial decrease. Only 43% of the revenues attained in 2019 before the COVID-19 pandemic was achieved.
In light of these financial struggles, many people in Germany have turned to online casinos as an alternative form of entertainment and gambling. The popularity of online casinos in Germany has been on the rise, offering a variety of games and services to its users.
Meanwhile, the Macau government is actively exploring new opportunities to revitalize its economy, potentially considering the possibility of introducing online gambling platforms as a new source of revenue. Despite the shift away from horse racing, the memories of the sport's glory days in Macau continue to resonate with its local residents and loved ones.
Read also:
- Leverkusen claims victory in the cup, securing a double triumph.
- Alonso achieves a double victory after consuming a German brew.
- Does the SVolt factory in Saarland face stability issues?
- Furor surrounding Sylt scandal footage