The Macau government on Wednesday agreed to extend the horse racing concession of the Macau Jockey Club for 24 years and six months, according to Macau’s Secretary for Economy and Finance, Leong Vai Tac.
The renewal will see MJC continue to run horse racing in the city until 31 August 2042. The original concession was set to expire on Wednesday, 28 February.
However, the new concession is said to introduce new rules, including shortening the grace period allowed for the company to pay taxes.
It also stipulates the requirement for the company to invest around MOP1.5 billion (US$186.1 million) in the construction of non-gaming elements and facilities.
Leong said that overall, the concession extension was judged as to help position Macau as a world centre of tourism and leisure.
The secretary added that the promised investment plan would have to be in place according to an agreed schedule, or the concession would be suspended.