Nong’s comments come after Macau Legislator Chan Chak Mo recommended an extension in February, citing “special circumstances.”
Currently, the gambling hub plays host to six operators: Wynn Macau, Sands China, MGM China, SJM Holdings, Galaxy Entertainment and Melco Resorts.
These six companies will have to reapply for the right to continue operating in Macau, following an amendment to the region's gambling law that is expected to pass later this year.
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.
GI Verdict: The decision to extend Macau’s operating licences seems an inevitable one. New gaming laws will need to be processed and implemented before a fresh public tender for Macau’s gaming concessions is put in place. And with the current economic climate of Macau lagging internationally, it is not currently a favourable time to begin the rebidding process. It’s clear Macau is banking on the Covid-19 situation improving dramatically towards the end of 2022.
Sands Cares Accelerator launched by Las Vegas Sands in Macau
“Being part of the Sands Cares Accelerator is a tremendous opportunity for Green Future. The programme enables us to advance our mission to reduce urban waste in Macau while giving residents in need an opportunity for valuable long-term employment" Un Ka Hou, Green Fortune President
Las Vegas Sands (LVS) is partnering with local nongovernmental organisation (NGO) Green Future to expand its flagship Sands Cares Accelerator programme in Macau.
LVS sees its new three-year exclusive membership programme with Green Future as a catalyst for greater nonprofit impact in the community.
The inclusion of Green Future marks the fifth NGO to join the Sands Cares Accelerator programme, which helps promote burgeoning organisations on the brink of making sizeable impacts to local communities.
The Accelerator programme works by offering structural guidance, extended funding and bespoke, customised support to blossoming NGOs.
LVS notes the focus of Green Future, under the programme’s guidance, is to create an environmental social enterprise which provides subsidised training courses and urban waste logistics services. Green Future further plans to free-up local employment opportunities, and create more suitable jobs for disabled residents of Macau.
Green Future’s President Un Ka Hou hopes to expand these services under the tutelage of LVS.
He notes: “Being part of the Sands Cares Accelerator is a tremendous opportunity for Green Future. The programme enables us to advance our mission to reduce urban waste in Macau while giving residents in need an opportunity for valuable long-term employment. We’re honoured to begin our collaborative work with the Sands team to launch our environmental social enterprise.”
Green Future will join Sands Care Accelerator programme with immediate effect.
South Korea’s Paradise Co revenue down 6% year-on-year
Paradise Co, South Korea’s leading foreign-only casino operator saw its revenue fall to KRW17.74bn ($14.6m), down 6% year-on-year.
The casino suffered a decrease of 4% (KRW1.54bn) in winnings from players, while slot machine takings were also down 18% from the same period last year, with KRW1.69bn won.
Paradise stock was most recently seen trading at KRW16,650, up 0.3% from the previous day (2 March 2021).
