Macau Horse Racing Company Limited, the company behind the Macau Jockey Club, announced with regret that it has reached an agreement with the Macau government to terminate its concession contract. Under this agreement, the contract will expire on April 1, 2024.

The Macau Jockey Club was founded through a contract between the Portuguese government and shareholders. However, the introduction of flat horse racing by the Taiwanese consortium in 1989 impacted the club’s business negatively. In 1991, the government requested the club to undergo a restructuring led by the local gambling leaders, which allowed it to continue its operations.

Throughout its history, the Macau Jockey Club has always strived to diversify gaming and racing on horses and support the growth of tourism in the special administrative region. Despite this, Macau Horse Racing Company Limited pointed out that it has been operating at a loss, accumulated in excess of 2.5 billion.

To make matters worse, there has been limited room for the development and growth of the horse racing industry in Macau, the company added. This issue was further exacerbated by the COVID-19 pandemic and China’s Zero-COVID policy, which brought further adverse effects.

As a result, sustaining the Macau Jockey Club’s operations became increasingly difficult.

The Company Thanked Its Supporters

According to the official announcement, the Macau Horse Racing Company Limited’s board of directors eventually decided to cease all racing-related operations. Despite that, the current member facilities will remain available to the Macau Jockey Club’s members, the company added.

It also used the opportunity to thank all colleagues who supported the company throughout the years, lauding their valuable contributions.

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.

Macau Horse Racing Company Limited statement

The Macau Horse Racing Company also expressed its appreciation of all horse owners and members, thanking them for their ongoing support. It added that specific details regarding the necessary arrangement for their horses will be provided at a later date and no later than March 31.

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FS Gaming Investments is ending its voting rights agreement with Shay Segev, Entain’s former chief executive. This was announced in a regulatory filing filed by 888.

FS Gaming Investments is a fund owned by three ex-Entain (formerly GVC Holding) executives, namely Kenny Alexander, Lee Feldman and Stephen Morana. The new filing says that Segev, who used to be Alexander’s successor at Entain/GVC, has terminated his voting rights agreement with the fund.

Following the termination of the deal, FS Gaming Investments has also reduced its stake in 888. The fund will retain a 4.55% stake in 888 and will have its voting rights reduced.

Entain’s Trouble Prevented FS Gaming’s Arrangement with 888

The termination of the contract comes in the wake of FS Gaming’s failure to put former Entain executives in leadership roles at 888. Kenny Alexander, for example, sought the role of a CEO at the gambling holding, while Feldman and Morana sought the roles of chair and CFO, respectively.

The proposal was eventually rejected because of GVC Holdings’s past business in Turkiye and alleged involvement in misconduct. Now rebranded as Entain, the company recently expressed its desire to reach a settlement with the HMRC, even if it has to pay a fine.

Earlier this month, Entain announced that it has set aside some $747 million to settle a potential regulatory matter.

Entain Grows but Some Critique the Company’s Financial Decisions

In other news, Entain recently published its H1 results, reporting impressive growth. The company remained unwavering despite the regulatory setbacks.

Earlier this year, the company also acquired the Polish-based betting company STS Holding in a $945 million deal. Entain was enthusiastic about the acquisition although some blasted the deal as “destructive” for the gambling giant.

In an open letter, Eminence Capital experts critiqued Entain for proceeding with the deal despite being in a fairly unfavorable (according to Eminence Capital) position. Overall, the investment firm said that the move is likely to lead to a decline in share price, greatly hurting Entain’s business.

Eminence Capital warned that the move may also cost Entain the trust of its shareholders.

This followed an earlier acquisition that saw Entain acquire 365scores, a global sports media company, in a $150 million deal.

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