Horse-owners demand new compensation formula from MJC

A group of horse owners has told a weekend press briefing the Macau Jockey Club (MJC) should follow a compensation scheme they have proposed.

In an earlier open letter, the group criticized the MJC’s proposed compensation scheme and demanded more reasonable compensation.

The MJC is only willing to compensate the horse owners the costs of relocating their horses – MOP30,000 for each horse to mainland China or MOP200,000 to other locations.

According to local media All About Macau, when asked by the press what would be reasonable, horse owner Tam Siu Keung suggested a formula.

Assume a horse was purchased for HKD1 million, a horse aged between two to four should be subject to full compensation of its purchase price, because “it was a brand new horse,” Tam said.

A five-year-old horse, however, “has 10% depreciation,” Tam said, adding that this horse should be subject to a compensation of HKD900,000. Consequently, a six-year-old horse will be subject to 80% compensation and so forth.

He further explained that normally, a horse can be imported to Macau or Hong Kong for racing at the age of two and will be ready to race at four.

The older it gets, the more likely its ability to win will drop, he said, “which equates to a situation of depreciation.”

When asked what they would do should the MJC reject their proposal, another owner, Lao Pong Seng, said they will sue the club.

Tam also said the MJC infuriated horse owners by referring to them as “blind and visionless.”

He said the MJC has 198 horses currently, owned by between 100 and 150 owners.

The MJC will only need to pay at maximum HKD100 million to compensate horse owners should the latter’s proposal be followed.

Reiterating that they are not against the government, the horse owners also suggested the government keep an eye on the manner in which the MJC departs from the current premises and handles the animals that currently live in the MJC.