According to Asian Racing Report, the number of horses in Macau has now fallen to around 220 from a high of 1,200 two decades ago, while the number of races per year has also dropped from 1,200 back in 2003 – more than Hong Kong held at that time – to just a single meet with a handful of races each week.

Asian Racing Report says there are genuine concerns among officials that Saturday’s season finale could be venue’s last, with sources telling the outlet they believe MJC chairman Angela Leong has been asked to “show cause” to the government for failure to satisfactorily upgrade facilities as was promised when MJC was granted a 24-year concession extension in February 2018.

For its part, MJC claimed earlier this year to have completed some renovation works including renovating its swimming pool for horses, their stables, completing upgrades to the first to fifth floors of the main racing building, and some improvements to the racetrack and replacements of computer systems.

Nevertheless, one trainer told Asian Racing Report, “We still haven’t heard when the first meeting of next season will be and we would normally know by now. We are hearing that staff cuts could be coming soon. We do not know what is happening. Is the club cutting costs in an effort to keep going? Or is it a sign that the end is near? Even the officials don’t seem to know. We just want clarity.”

It is also reported that a shipment of 30 horses bound for Macau from Australia was sent away from a Sydney quarantine facility in July on orders of Macau authorities.

These latest concerns come after MJC recently reported accumulated losses of MOP$2.1 billion (US$260 million) through 2022, representing an increase of around MOP$200 million (US$25 million) over the past 12 months. MJC said it recorded a decline in horse racing revenue last year to MOP$39 million (US$4.8 million), down from MOP$47 million (US$5.8 million) in 2021.

MJC had in 2018 pledged to invest MOP$1.5 billion (US$186 million) to upgrade facilities, including hotels and restaurants, in return for the 24-year extension through 31 August 2042 – a massive jump on the six-month extension it had previously been granted in August 2017 and the two-year extension it was granted in September 2015.

It had been hoped that the lengthy concession would help the MJC improve its dire financial position, with Macau Horse Racing Co – the entity that holds the concession – having booked a loss every single year since 2005, reaching accumulated losses of MOP$4.1 billion (US$507 million) by 2016.

Management said it wants to make the MJC a “must-visit tourism and entertainment landmark for both tourists and local residents.”

Should MJC truly be on its last legs, it will join Singapore in shutting down the industry after the Ministry of Finance and Ministry of National Development confirmed the Singapore Turf Club would host its final race meeting in October 2024, citing a need to make better use of the 120 hectares of land it occupies for Singapore’s future needs.

By Ben Blaschke