Macau Jockey Club violates code, faces dissolution

The Macau Jockey Club is reportedly at risk of violating the Commercial Code of the MSAR, which could see the company dissolved if it does not rectify its situation by the end of the month.

According to a report from Portuguese-language newspaper Hoje Macau, Macau Jockey Club posted a loss of MOP 88 million ($11 million) in the 2015 full year, meaning its corporate capital was lower than half of its original corporate capital at the time the company was set up.

This is a violation of the Commercial Code of the MSAR, and according to the rules, if the company does not inject corporate capital into the company within 60 days to repair the situation, the company is to be dissolved.

In a response to Hoje’s enquiry, the Gaming Inspection and Coordination Bureau noted that the Macau Jockey Club has until the end of this month to “present a proposal to solve the problem in question”.

‘The Administrative Council of our company has been informed of the issue. In March, during the annual shareholders meeting, we already [spoke] of article 206 of the Commercial Code,’ the Macau Jockey Club wrote in response to the publication.