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Gambling giant Macau opens bids from seven casinos, one loses

HONG KONG: The Macau government on Friday launched bids from seven companies, including a wildcard from Malaysian operator Genting, for a license to operate a casino in the world’s largest gambling hub, scrutinizing the available six slots. Started a watched battle. Macau dignitaries, including Macau’s Economy and Finance Minister Ray Wynon and Administrative Attorney General Andre Chung, attended the opening, along with Las Vegas Sands Macau’s Macau casino directors, including his unit Sands China, Wynn Macau and MGM China. intend to do something. All six incumbent Macau players, including Galaxy Entertainment, Melco Resorts and SJM Holding, have submitted bids before Wednesday’s deadline, along with Genting Group Chairman Sri Lim Kok Tay’s holding company, GMM Limited. GMM Limited does not operate casinos in Macau. The GMM filing came as a surprise to many executives and analysts, and some said it would create additional uncertainty for local carriers. Given that Genting is the only applicant operator with a strong background in theme parks, he was encouraged to apply and it’s a good fit, said Ben Lee, founder of Macau-based games consultancy IGamiX. “We could beat one of the incumbents. They (Genting) think so too. Otherwise we wouldn’t have bet the HK$10 million ($1.27 million) buy-in.” Genting operates casinos in Singapore, Malaysia, the United States and the United Kingdom, and has a broad range of non-gaming businesses, a key priority for the Macau Government. He has also made a series of investments in China, including a major ski resort that hosted the 2022 Beijing Winter Olympics.

The sector has been reeling since the start of the COVID-19 pandemic, with revenue falling 70% to $10.8 billion in 2021 from $36 billion in 2019. We continue to manage billions of dollars of assets. In total, they have invested about $40 billion in Macau since casinos were liberalized over 20 years ago. All companies submitted their bids directly to the government via his two large piles of paper files carried on a trolley, according to footage from public broadcaster TDM. They had to pay HK$10 million to apply. The bid comes at a time Macau casinos are being slammed by ongoing coronavirus restrictions and travel restrictions. Authorities have also tightened controls over gambling businesses in the former Portuguese colonies through new laws. We plan to announce six successful bidders by the beginning of the month.

At the time of bidding, applicants should be asked about “exploiting the foreign tourist market, operating experience in casino games, investing in gaming and non-gaming projects for the benefit of Macau, casino management plans, illegal activities and social responsibility monitoring and prevention plans.” Special consideration should be given,” said a statement on the government website.

($1 = 7.8478 HKD)

https://www.channelnewsasia.com/business/gambling-giant-macau-opens-bids-seven-casinos-one-firm-lose-2942546 Gambling giant Macau opens bids from seven casinos, one loses

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