Extending horserace concession to assess company’s investment plan

The Secretary for Economy and Finance, Mr Leong Vai Tac, speaks to reporters.

The Secretary for Economy and Finance, Mr Leong Vai Tac, said the city’s horseracing betting concessionaire – Macau Horse Race Company Ltd – had its concession extended for six months to give the Government more time to analyse a long-term investment plan submitted by the company.

Speaking to reporters on Wednesday (9 August) ahead of a plenary session of the Legislative Assembly, Mr Leong said cross-departmental work was required to assess the company’s proposal, as it involved considerable long-term investments that could potentially contribute to the diversification of the city’s gaming industry and help position Macao as a world centre of tourism and leisure.

The concession of Macau Horse Race Company Ltd – which runs Macau Jockey Club – was extended until 28 February 2018.

The Government paid great importance to the development of the company as a significant contributor to further the development of the city’s gaming industry, said Mr Leong.

Regarding the appointment of a new leadership team to the Monetary Authority of Macao, the Secretary said it was part of regular personnel changes in the public administration. Mr Leong said that as Macao’s financial sector had entered a new development stage, authorities needed to keep up with the new trends and emerging industries in order to ensure the long-term strategic development of the Special Administrative Region. Changes to staff structures and to leadership teams would help set the path for further development, he added.

The term of the current Chairman of the Board of Directors of the Monetary Authority of Macao, Mr Teng Lin Seng, ends on 25 August 2017. After careful consideration, the Government decided not to reappoint Mr Teng for a new term. Instead, the Government has decided to appoint Mr Chan Sau San – a member of the Board of Directors of the Authority – as the new Chairman. Mr Chan’s term as Chairman runs from 26 August 2017 to 25 August 2018.

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