Seven companies submitted bids for the concessions before the public tender’s submission deadline on Wednesday last week. The new concessions are expected to begin operating on 1 January 2023, and are scheduled to run for 10 years.
Macau’s gaming industry currently comprises three concessions, held by SJM Resorts Limited, Galaxy Casino Company Limited, and Wynn Resorts (Macau), along with three sub-concessions; MGM Grand Paradise Limited, Venetian Macau Limited, and Melco Resorts (Macau) Limited.
All six incumbents have had their bids accepted, along with newcomer GMM Limited, a subsidiary of casino operator Genting Malaysia. The firm’s bid has been conditionally accepted, but the committee did not mention what GMM must do in order for its bid to be finally accepted.
Macau’s new gaming industry law bans the granting of sub-concessions, and states that the Government can grant up to six gaming concessions by public and open tender for 10 years. There is a possible extension of up to three years in exceptional circumstances.
In July this year, the Government set up a nine-member committee to oversee the tender, which includes three of Macau’s five policy secretaries: Secretary for Administration and Justice André Cheong Weng Chon, Secretary for Economy and Finance Lei Wai Nong, and Secretary for Social Affairs and Culture Elsie Ao Ieong U.
It is believed that the Government currently does not have a timetable as to when it will complete assessing the accepted bids, but that the new gaming concessions will be granted by the end of 2022.
