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The Grueling Truth - Where Legends Speak / Casino giants in Macau win license renewals, Malaysia’s Genting loses bid

Casino giants in Macau win license renewals, Malaysia’s Genting loses bid

Publish Date: 11/27/2022
Fact checked by: Mike Goodpaster

Six casino operators authorized to conduct business (Macau six) in the Chinese Special Administrative Region (SAR) have won the competitive bidding process for the territory. They received 10-year license renewals for their businesses.

The licenses for the Chinese branches of Las Vegas Sands, Wynn Resorts, and MGM Resorts, along with Melco Resorts, Galaxy Entertainment, and SJM Resorts, are set to expire at the end of 2022, ending a 20-year validity period.

“The government has chosen these six companies in accordance with the law, and the Bidding Committee, in accordance with the law, focused on the tenderers’ social responsibility plans, and this condition was accepted by the government,” Macau Secretary for Administration and Justice AndrΓ© Cheong Weng Chon said.

With Macau expected to keep the status quo with its half-dozen gaming operators, only one outsider participated in the open bidding process. Genting Group, based in Malaysia, lost the bid. Known for its New York and Las Vegas Resorts World casinos, the company is a global gaming and hospitality giant.

Cheong said that the government would not release right away the grades that the Bidding Committee gave to the seven companies that bid. The secretary didn’t say anything about how seriously Genting was being looked at for market entry.

China’s President Xi Jinping has urged Macau to develop alternatives that don’t involve gambling. Beijing asserted that the huge amounts of money from the mainland poured through Macau’s casinos and the area’s tax laws threatened the People’s Republic’s national security.

Since late 2020, the mainland has been helping Macau build its bond exchange.Β Macau expects its licensed casinos to follow the rules from the mainland. Under the terms of the newly negotiated concessions, each gaming license holder will have to put a certain amount of money into updating their resorts in ways that don’t involve gaming.

β€œThe six companies that have been provisionally awarded will be developing the non-gaming and gaming sectors for Macau. They have all submitted plans to the government for future investments, but no details can be announced at this stage,” Cheong said.

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