The Macau government has approved an extension of the city’s horse racing concession for a period of 24 years and six months, the Secretary for Economy and Finance, Leong Vai Tac said today.
According to the Government Information Bureau (GCS) the government made the decision after assessing the 1.5 billion patacas ( US$ 187 million) investment plan of the concessionaire, the Macau Horse Race Company Ltd.
The company also pledged to establish a greater number of non-gaming elements at its horse racing venue.
The existing concession of the Macau Horse Race Company Ltd is due to expire Wednesday(28 February). The concession extension will run to 31 August 2042, inclusive.
Mr Leong said extending the concession was judged as being helpful for propelling development of Macao’s strategic position as a world centre of tourism and leisure.
The concession extension introduced new conditions, including a shortening of the grace period allowed for the company to pay any due taxes.
According to Secretary for Economy and Finance, the promised investment plan would have to be in place according to an agreed schedule, otherwise the concession would be suspended.
Long Vai Tac said he hoped the increased investment would help improve the company’s current trading position of long-term deficit.