The Macau Government has announced that the six incumbent gaming license holders will continue as the island territory’s only casino operators.
The announcement means that Genting — which the government encouraged to apply — has failed in its bid for a casino license despite a 40% stake in a hotel resort development in Macau.
The six gambling operators approved by the authorities are:
- MGM Grand Paradise
- Galaxy Casino
- Venetian Macau
- Melco Resorts
- Wynn Resorts
- SJM Resorts
All six have been provisionally awarded a 10-year concession to operate games of chance in Macau.
The authorities will now work closely with each operator to ensure that it meets the terms and conditions of the new licenses before a contract is signed by December 31st, 2022.
Those conditions include a pledge to guarantee local employment and the development of non-gambling tourist attractions. As the Macau government looks to move away from an overreliance on gambling revenue, it has stipulated that gross gaming revenue (GGR) can only make up 40% of GDP. The new conditions of the ten-year license places the onus on the license holders to help Macau reach this goal.
Speaking of the conditions, Secretary for Social Affairs and Culture, Elsie Ao Ieong said:
“In the proposals and the documents, we require that the bidders fulfill 11 aspects in their proposals. These include: conventions and expositions, entertainment, sporting events, culture and art, themed entertainment, city of gastronomy, community tourism, maritime tourism and other projects.
Also […] we require that the bidders help and improve the image of Macau as a world tourism and leisure hub, via health and well-being, by presenting activities and projects which can create touristic products veered towards health and attract qualified talents alongside collaboration with other international institutions.”
According to Macau’s Chief Executive, the licenses were awarded to the six incumbent operators ‘due to having presented the most advantageous proposals for the Macau Special Administrative Region’.
The government also noted that Genting’s bid failed due to the company’s lack of experience in the Macau market.
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.