New investment plan released by Macau Jockey Club operators

Macau’s Gaming Inspection and Coordination Bureau (DICJ, for its acronym in Portuguese) has received an investment plan from the Macau Horse Race Co. Ltd. (MHR), operators of the Macau Jockey Club. Paulo Martins Chan, who heads up the bureau, said that the new concession contract with MHR includes a schedule for the company to fulfill the investment.

The news came only hours after a Macau lawmaker asserted during a meeting of the Legislative Assembly that legislators had not yet received any investment proposal by the company. Chan later stated that the DICJ would submit the plan to the appropriate Legislative Assembly committee once the bureau had completed due diligence of the proposal.

This past February, the Macau Jockey Club was granted a 24-year extension of its horse racing monopoly. One of the conditions of the extension was that it would present an investment plan stipulating that the company would spend $186 million of its own money to improve club facilities and increase non-gaming venues.

The extension has caused a bit of a rift among lawmakers. In March, it was revealed that the company owed a minimum of $18.9 million to the government in back dues, and that the government knew about the outstanding debt, which stemmed from missed payments between 1997 and 2005. The debt was discovered in 2015, but nothing was done to force the company to pay up.