Good news has downed the Macau Horse racing (MHR). This comes after it was announced that MHR had acquired an extended contract of two years from Macau Jokey Club. These types of contacts have been in existence for the last four decades with MHR having possessed the right of a monopoly since then. However, the first ever contract extension took place in 2005.
The Economic as well as Finance Secretary at Macau Lionel Vai Tac assured that indeed there has been a contract extension for MHR with which the firm was supposed to pay a total of 15 million Patacas (£1.3 million) which will be used as contract maintenance fee. He continued to clarify that no change has been made to the contract as the same value incorporated in 2005 stands.
However not all people do have a tendency of seeing everything in a positive manner as Jockey Club act of extending MHR’s contracts has faced criticism from the Macau business circles. This comes after it was evident that MHR as a racetrack has been facing serious revenue loss in the last ten years with not posting any substantial profits at the time.
Statistical annual reports from MHR claimed that the firm had recorded a massive loss of HK$49.7 million (£4.2 million) in the last financial year. This possess a great threat in loss has been increasing year on with the firm having posted a loss of HK$39.9 million (£3.3 million) in 2013.
Historically, MHR which is deemed as an operator of the Jockey Club has been faced with a variety of mismanagements of the budget as well as premises. It has also faced the criticism on the aspect of according the Jockey Club with full maintenance and this has been deemed to attribute to the unfavorable public safety and sub-standard animal welfare conditions.Macau Animal Welfare Society ANIMA has been on the center stage in criticizing MHR claiming that it has been offering poor conditions to the Jockey Club.
The Chairman of the Macau Race Horse Owners AssociationVincent Li Hoi-yuen claimed last June that the matter should be investigated thoroughly. He added that despite incorporating some repairs and improvements, the main agenda would involve investing more money to the facility by the Macau Jockey Club.
This article is published in: Betting deals, Horse Racing Betting
Tags: horse racing
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