Macau gaming regulator receives Macau Jockey Club investment Program

Condition of monopoly expansion:

According to a Thursday report by GGRAsia, February saw Macau Horse Race Company Limited agree to spend about $186 million to enhance facilities in the Taipa venue as a condition of being allowed a 24-year expansion to its city-wide monopoly on horse racing.

The authorities stated that the investment program should also include certain steps to help increase non-gaming providers in Macau Jockey Club, which has become the only venue in the former Portuguese enclave to offer horseracing since 1978.

Deal draws disapproval:

However, GGRAsia reported that the signing of the arrangement shortly drew criticism when it emerged in March the Macau Horse Race Company Limited owes the authorities over $18 million in outstanding taxes covering a nine-year period that began in 1997.

Detractors alleged that government officials had known about this shortfall since 2015 while pointing out that billionaire businesswoman, Angela Leong On Kei, functions as Vice-President to get Macau Horse Race Company Limited while sitting as part of the city’s judgment Legislative Council.

Regulator to consider strategy:

Paulo Martins Chan, Director for the Gaming Inspection and Coordination Bureau, advised GGRAsia that the investment strategy by Macau Horse Race Company Limited contains a schedule for the conclusion of their planned job and will be submitted to the appropriate government committee after his office has carried out a detailed appraisal.