Macau Awards Six Casino Licenses, Genting Group Joins the Fray
All seven proposals for the half-dozen gaming permits in Macau have been greenlit. This signifies that the existing six concessionaires—SJM Holdings, Galaxy Entertainment, Wynn Macau, MGM China, Sands China, and Melco Resorts—will encounter rivalry from GMM, a branch of Malaysia’s Genting Group, for a sought-after position in the globe’s biggest gambling center.
The authorities will now scrutinize each proposal, considering elements beyond mere fiscal robustness. They are stressing diversification of tourist attractions and strategies to entice global visitors, indicating a move away from depending solely on VIP gamblers.
The fresh permits will be in effect starting January 1, 2023, with a decade duration, possibly prolongable for an additional three years under exceptional conditions. This inaugurates a fresh chapter for Macau’s gaming sector, with the possibility of a reshuffling in the established hierarchy.
During July, Macau’s Special Administrative Region government formed a group of nine individuals tasked with supervising the contest for casino permits. This influential group boasts some of the area’s most prominent figures, including the heads of Administration and Justice, Economy and Finance, and Social Affairs and Culture.
Although no concrete schedule is in place, anticipation is high for the fresh licenses to be granted by late 2022. Time is of the essence!