Despite a decade of financial losses, Macau Jockey Club won a two-year extension to run horse-racing operation until 2017.

The Macau Secretary for Economy and Finance Lionel Leong Vai Tac confirmed to reporters in Beijing that the government has extended the horse-betting concession for Macau Horse Racing Co. Ltd., which runs Macau Jockey Club, for two more years.

Similar to the previous contract, Macau Horse Racing will pay MOP15 million annually to the government for the exclusive right to run the horseracing betting business in the territory starting September 1.

Macau Horse Racing Co. Ltd. has held the monopoly for horseracing betting since 1978 and the last contract, renewed in 2005, expired on August 31.