All seven proposals for Macau’s six gaming permits have been greenlit. This paves the way for a high-pressure contest among seven corporations seeking a share of the profitable Macau gambling sector. The tender committee will oversee the bidding procedure, which will decide which businesses will influence the future of Macau’s casinos.
By the cutoff last Wednesday, all interested groups had presented their offers. The fresh licenses, slated to commence on January 1, 2023, will endure for a decade, introducing a new chapter for Macau’s betting environment.
Presently, Macau’s gambling arena is controlled by three prominent entities: Sociedade de Jogos de Macau (SJM), Galaxy Entertainment, and Wynn Macau. These titans, along with three sub-licensees – MGM China, Sands China, and Melco Resorts – have molded the industry for many years.
All six incumbent operators, in addition to GMM, a branch of Malaysia’s Genting Group, have entered the race. Although GMM’s submission was conditionally embraced, the committee has not yet revealed the precise steps needed for ultimate authorization.
It’s noteworthy that Macau’s revised gaming legislation no longer permits sub-concessions. Rather, the government can award a maximum of six concessions via open bidding, each spanning 10 years, with a potential three-year prolongation under unique situations.
At the close of this year, Macau aims to grant new gaming permits. To supervise the tender procedure for these authorizations, the local administration established a nine-member panel in July. This group encompasses three of the five primary officials of the Macau Special Administrative Region: the Secretary for Administration and Justice, André Cheong Weng Chon; the Secretary for Economy and Finance, Lei Wai Nong; and the Secretary for Social Affairs and Culture, Elsie Ao Ieong U.
Although the government hasn’t determined a specific date for finalizing the bid assessment, it is anticipated that the fresh gaming concessions will be awarded before the years end.
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