While speaking after a meeting of Macau’s Legislative Assembly, Economy and Finance Secretary Lei Wai Nong said the city’s six current concessions and sub-concessions, which are set to expire on 26 June, will now be valid for a further six months.
This comes after Macau Legislator Chan Chak Mo, citing “special circumstances”, recommended an extension in February.
Currently, the gambling hub plays host to six operators: Wynn Macau, Sands China, MGM China, SJM Holdings, Galaxy Entertainment and Melco Resorts.
However, following an amendment to the city’s gambling law that is expected to pass later this year, these six companies will have to reapply for the right to continue operating in Macau.
No exact date has been given concerning when this rebidding process will begin, though Lei said the government should be able to start work on the process in H2.
Under the proposed changes to Macau’s gambling law, the number of licences will remain at six, but their duration will be halved to 10 years. The bill was welcomed by the city’s operators in January, who showed their appreciation for the proposals.
Since 2020, Macau’s gaming industry has been hit hard by ongoing travel restrictions, as well as a crackdown on junkets.
While the sector has started to show signs of recovery, including a 6% increase in gross gaming revenue (GGR) for February, Macau’s overall standing is a far cry from its pre-pandemic status.