Canidrome sees 82 percent drop in profit in 2015

Macau Yat Yuen Canidrome, the region’s only greyhound race track saw a decline in profits of 82 percent to MOP 4.8 million (US$600,600) in 2015, according to the company’s year-end financial report.

The results represent a steep drop compared to its annual profit of MOP 26.7 million in 2014.

Earlier this month, locals and experts called for the closure of Macau Canidrome, saying it is out-dated and unprofitable.

“Times have changed. The Canidrome doesn’t have a reason to exist anymore. It doesn’t produce profit, so it doesn’t make sense,” said lawyer and president of the community group Associação dos Macaenses (Macanese Association), Miguel Senna Fernandes in a quote to Lusa.

Last month, it was revealed that Yat Yuen Canidrome Co. may not have its concession renewed, as it has become “more and more difficult” to import greyhounds to Macau, and that is a “crucial” aspect for the government to consider when deciding whether to renew the contract of the Canidrome.

Horse racing has seen similar difficulties, with Angela Leong On Kei, vice chairperson of Macau Horse Racing Co. Ltd quoted earlier this month saying she was hoping for new business strategies which could alleviate pressures from declining revenue at the Macau Jockey Club, according to Macau TDM.

“We have given certain pressure to the Club’s chief executive, telling him to… think about how we can introduce more diversified offers to improve the revenues,” said Leong.

“We hope to bring out more activities as well. But currently, we haven’t come up with a certain proposal,” she added.

According to the Gaming Inspection and Coordination Bureau (DICJ), the Macau Jockey Club reported only MOP 36 million (US$4.5 million) in gross revenue in 16Q1, down 33 percent year-on-year compared to 2015.