Markopoulo Horse Racing Park (Ippodromies SA) announced the suspension of the organization and conduct of Greek horse races, with effect from January 30, 2024, because – as provided for in the Concession Agreement – the average number of active horses registered is below 300 during the last two consecutive years.
In addition, the company exercises its contractual right to terminate the Lease Agreement of the Markopoulo Horse Racing Park. The property will be officially returned to its owner within two months.
The Greek horse racing activity has been extremely damaging for decades. Despite its significant long-term efforts and its continuous large investments, Greek horse racing has remained loss-making and unsustainable. To be precise, the company’s total losses, from 2016 to 2023, amount to 100.3 million euros.
The management of the company did everything possible to reverse the negative situation, making every reasonable and optimal effort possible for the revival and development of the Greek horse racing activity. In particular, since 2016, the company has invested more than 32 million euros in the development of an attractive product proposition, far exceeding its contractual obligations in various areas.
