Macau’s six casino operators will each have to pay between MOP50 million (US$6.2 million) and MOP80 million to the government in connection with the six-month extension of their licences to December 31, 2022, reports Radio Macau.
According to the Portuguese-language channel of the public broadcaster, each of the operators will also have to make major financial commitments to the local government regarding rights and conditions applicable to local workers.
The media outlet said on Wednesday the Macau government has required each of the gaming operators to provide a bank guarantee, which in some cases can go up to MOP1.6 billion, depending on the number of employees. The bank guarantee is to ensure that a company can meet its labour liabilities in case it is not able to secure a new concession, reports Radio Macau.
GGRAsia approached on Wednesday the office of Macau’s Secretary for Economy and Finance, as well as the local gaming regulator, asking about concession extension fees and any required bank guarantees, but had received no reply by the time this story went online.
Earlier this month, the Macau government announced the intention to extend for about six months the existing gaming licences, to December 31. Lei Wai Nong, Macau’s Secretary for Economy and Finance, said at the time that the government had requested gaming operators to submit relevant documents for it to proceed and approve the extension of their licences.
The six operators have respectively confirmed to GGRAsia they were preparing the required documentation to apply for such an extension.
Brokerage JP Morgan Securities said last week it expected a new public tender process for Macau casino rights to commence in the third quarter this year, with permits to be awarded in the fourth quarter, ready for a new 10-year licence period coinciding with the start of 2023.
Macau’s Legislative Assembly is currently discussing the gaming law amendment bill, which is to be approved ahead of a new public tender regarding fresh gaming rights.
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Total income for 2022 reported by the Philippine Amusement and Gaming Corp