The Macau Jockey Club (MJC) has initiated a 30% reduction in horse betting prize money due to low turnover in recent years.
“Due to the club’s disappointing betting turnover over the years, the club has reluctantly implemented a policy adjustment,” the MJC has said in a statement.
“Effective from the Nov. 18 race meeting, there will be a 30% reduction in prize money.”
“We aim to sustain the club’s stable operations, despite the challenges in the current economic environment.”
The MJC is facing a downturn in revenue following economic headwinds caused by the pandemic.
For the first nine months of the year, the company generated MOP32 million in revenue –43% of pre-pandemic levels.
However, this figure already represents a 14% increase compared to the same period last year.
In August, following reports of a potential shutdown, the group announced that it had received approval for a new season. However, the future trajectory remains uncertain, according to an insider speaking the Times on conditions of anonymity, as they were not officially permitted to discuss the matter with the press.
The insider estimated that this season may only have four races a month and could potentially conclude by December due to various factors. LV