Macau Horse Racing Company Limited regretfully announces that this morning the company has signed an agreement with the Macau (SAR) government to terminate the "Concession Contract for the Exclusion Operation of Horse Racing". The contract will expire on April 1, 2024. The Macau (SAR) government has also made an official announcement regarding this matter earlier today.

The Macau Jockey Club, previously known as the Macau Trotting Club, was established through a contract signed between the Portuguese Government and the shareholders at that time. Since the introduction of flat horse racing by a Taiwanese consortium in 1989, the Club endured severe financial crises and social concerns. In response to the government's request in 1991, the Club underwent a restructuring led by the gaming companies of that year, allowing it to continue its operations. Throughout its history, the Club has consistently adhered to the principles of "diversification of gaming" and "racing of horses" to support the continuous development of Macau's tourism industry and the social welfare obligations.

Macau Horse Racing Company Limited has been operating at a loss, accumulated in excess of 2.5 Billion. Moreover, there has been limited room for development and growth of the horse racing industry in Macau over the years, and including the adverse effect brought about by pandemic over these last three years, it has become increasingly difficult to sustain the operations. The Board of Directors has had to make a difficult decision, and commencing from April 1, 2024, the company will cease all racing related operations. However, the current member facilities will remain available to the Club’s members.

The Board of Directors and Management of the Macau Horse Racing Company Limited expressed their heartfelt gratitude to all colleagues for their dedication and their valuable contributions to the company. You have all served with a high level of professionalism with global recognition. The company will conduct necessary briefing sessions for the staff, provide assistance and job referrals, and comply with the provisions of Macau labor law to provide appropriate compensation.

To all horse owners and members, the Macau Horse Racing Company Limited deeply appreciates and sincerely thank you for your ongoing support. In due course, we will provide the specific details and communicate with all owners regarding the necessary arrangements for their horses that will be adhered to on or before 31 March 2025, in accordance with the relevant Laws and Regulations.