Jockey Club presents MOP4.5b investment plan to the AL

The Macau Jockey Club has made an investment plan, supported by a maximum MOP4.5 billion in funding, for its development in the next 20 years or more, the Legislative Assembly (AL) Follow-
up Committee on Land and Public Concession Affairs announced yesterday.

Government representatives, including Paulo Martins Chan, director of the Gaming Inspection and Coordination Bureau (DICJ), and representatives of MJC met yesterday with the AL committee regarding the follow- up of the exclusive concession of horse races.

Earlier in 2018, the government renewed MJC’s exclusive concession for a period of 24 years and six months.

According to Martins Chan, the government signed the contract with MJC on December 31. The government will publish a dispatch regarding the contract’s details next week.

As Lei Chen I reported, MJC will renovate its current facilities, including the race track, the stable, and the main building. Some of these renovation plans have already been completed.

In addition to the renovation works, MJC’s plan includes proposals to make new investments, for instance, building a theme park, a riding school, a “central park” located in the core area surrounded by the horsing race track, as well as an apartment hotel.

In total, MJC claimed it will spend somewhere between MOP3.5 billion and MOP4.5 billion in total to cover all these projects.

The Light Rail Transit is expected to take passengers to MJC and, as a result, to the central park, which will be available for all members of the public.

According to Lei, MJC plans to build an apartment hotel with more than 10 storeys.

All these promised projects are expected to be completed between the years 2024 and 2026.

Regarding whether building hotels based on MJC’s exclusive concession means a change to the utilization of MJC land, Lei explained that the Land, Public Works and Transport Bureau (DSSOPT) representatives stated that, including the hotel project, other projects concerning land issues will have to undergo the  Urban Planning Committee’s assessment and approval.

At the current stage, the DSSOPT is unaware whether the hotel project will involve land utilization change. Despite the new plans, MJC is currently indebted to the government to the tune of MOP110 million, according to Martins Chan.

Previously, when the company’s concession was renewed, it owed the government MOP150 million.

The DICJ director said that MJC has been paying back its debt.

Previously, between the years of 2002 and 2018, MJC was granted a tax waiver. Martins Chan had also made it clear that the government does not have a reason to waive taxes for the company.

No news on gaming concessions

The concession of MGM and SJM will expire in March 2020. Paulo Martins Chan said that no news can be published about the concessions of these two companies. On the sidelines of yesterday’s meeting, Martins Chan declared that he “has nothing to tell” when asked if any of the two companies had already approached the government for the concession renewal. He further explained that DICJ’s opinions regarding the six gaming concessions have already been delivered to the Secretary of Economy and Finance.