Macau govt, operators to sign new contracts on Friday

Dec 14, 2022 Newsdesk Latest News, Macau, Top of the deck  

---

The Macau government will sign on Friday afternoon new, 10-year contracts with all the city’s current casino concessionaires, GGRAsia has learnt. The new concessions, which had been provisionally granted in late November to the six incumbent operators, will take effect on January 1 next year.

A November 26 executive order by the city’s chief executive, Ho Iat Seng, stated that the proposals presented by units of respectively MGM China Holdings Ltd, Galaxy Entertainment Group Ltd, Sands China Ltd, Melco Resorts and Entertainment Ltd, Wynn Macau Ltd and SJM Holdings Ltd were assessed as “the most advantageous” for the city.

Each of the concessions was awarded on a provisional basis, subject to operators finalising and entering new gaming concession contracts with the Macau authorities.

A proposal by a Macau-registered entity linked to Genting Malaysia Bhd, GMM Ltd, was left out.

GGRAsia understands that a press conference has been scheduled for Saturday (December 17), with the top executives of each of the six concessionaires likely to attend. It is anticipated that during the briefing those representatives will provide more details regarding their respective investment and plans for the next 10 years.

Credit Suisse AG had said in an October note that a new generation of Macau casino concessionaires might each have to spend between HKD10 billion (US$1.27 billion) and HKD20 billion across 10 years.

---

---