Casinos in Macau that want to get a 10-year gaming license in Asia’s gambling hub will have to fork out a total of US$12.4 billion for the duration of that license. So far, seven casino operators have applied for a Macau gaming license that kicks in at the start of next year.
Genting License Will Restructure Macau Gambling Scene
These include the six existing Macau gambling providers that have been operating in Macau since 2002 – Galaxy Entertainment, SJM Holdings, MGM China, Sands China, Wynn Macau and Melco Resorts.
The seventh Macau license applicant is Genting Malaysia. Genting doesn’t operate in the former Portuguese colony, but reports say it has a decent chance of obtaining a license ahead of one of the existing operators in Macau. If that happens, it will be the biggest industry restructuring in the last twenty years.
Galaxy and Sands to Invest a Total of $5 Billion
According to broadcaster TDM, after negotiating with the Macau government, Sands China and Galaxy Entertainment agreed to invest US$2.5 billion each, while other gambling operators offered slightly less than that. The local broadcaster reported that the total investment the six applicants will make will be around 100 billion patacas (US$12.4 billion).
The license bidding process happens as Macau casinos are trying to cope with China’s strict zero COVID policy and recording their worst revenue numbers in recent years. Despite China announcing it will relax travel restrictions for groups of tourists from the mainland, experts are sceptical that revenue will return to pre-COVID levels any time soon.
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