The Macau Committee for Public Tendering of Concessions for Operation Casino Games of Fortune announced that international gambling companies can submit bids for new operating permits from today, July 29th, to September 14th.
According to the official announcement, a maximum of six concessions will be granted, each for a period of ten years. The public auction will be held as a simple open auction, with interested operators expected to submit bids by 5:45 PM on September 14th.
Furthermore, operators who accept to compete must ensure that they meet all of the other requirements outlined in the bidding proposal. They must also provide a MOP10 million monetary guarantee.
Existing Macau casinos, on the other hand, have no guarantee that their operating licenses will be renewed. The permits of the six incumbent gambling companies in the SAR – MGM China, Galaxy Entertainment, Sands China, Wynn Macau, Melco Resorts, and SJM Holdings – are set to expire at the end of the year, with no automatic renewals granted by local authorities.
As a result, all six companies will face competition from other international operators seeking to expand their presence in the world’s largest gambling center.
Cheong Weng Chon, Macau’s secretary for administration and justice, said that the goal is to ratify new gaming concessions before the end of the year so that they can take effect on January 1, 2023. The tendering committee will collaborate with Macau Chief Executive Ho Iat Seng to identify and implement economic objectives supported by the new concessions.
According to Cheong, one key component will be transforming Macau into a more international-appealing destination. The intention is to attract not only high rollers from China but also general tourists from Southeast Asia.
Following the recent COVID-19 outbreak, which forced casinos to close for 12 consecutive days. While the casinos have now reopened, the number of tourists remains low, and the local gambling industry is slowly resuming.
According to some analysts, Macau casinos will generate little to no revenue in the months ahead.
The officials in charge of the retendering process may wish to increase foreign visitors to Macau. However, achieving that goal will be contingent on the SAR opening its borders.
Macau will remain closed to the majority of the world as long as COVID-19 is a problem in China, owing primarily to the People’s Republic’s continued adherence to its “zero COVID” policy.
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