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Macau Casino Income Reached Post-COVID High as Horse Racing Ends
Last updated on April 5th, 2024 at 03:28 pm
The gambling industry in Macau has good news and bad news. The good news is that Macau casino income reached a record high after the pandemic. However, after learning about the termination of Macau Jockey Club’s concession contract with the government, horse racing fans are sad.
The weathered Taipa Racecourse hosted hundreds of spectators over the weekend as they witnessed the final run of the thoroughbreds.
While the horse racing industry in Macao is collapsing, the casino business is booming again, largely thanks to the government’s efforts to diversify the economy. According to gambling reviews and news sites, March casino revenue of $2.42 billion was the highest recorded since January 2020, according to data Macao’s Gaming Inspection and Coordination Bureau issued on Monday. Before the pandemic struck in March 2019, this amount amounted to 75% of income, a 53% year-over-year increase.
Macau Casino Income Hit Post-Pandemic High
A government news release from January 2023 stated that the MJC requested the termination of its concession from the Macau government, citing operational difficulties and the inadequacy of horse racing activities to meet society’s current development needs following years of losses and low race attendance. According to pay per head sportsbook experts, the team did not renew the contract for another 24.5 years until 2018.
Not everywhere has the “sport of kings” gone downhill as much as Macau. In June last year, Singapore announced that it would be redeveloping the area surrounding its sole racetrack and closing it after its final run in October 2024. However, unlike Singapore, where the news came 16 months before the finals, Macau’s decision came 11 weeks before. According to bookie pay per head services providers, many people were unaware. Workers’ and horse owners’ groups have petitioned the Macau government to assist them in suing the club for damages.
Security personnel said more than 3,000 people had gathered by midday on Saturday, the penultimate day of racing. Contrary to expectations, though, only 492 people showed up on average last year.
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