Macau’s six concession holders formally sign new licences
Macau’s six current concession holders have formally been awarded new 10-year licences from 1 January 2023.
The six companies were ranked on their tender process offering and signed their agreements in the following order: MGM China, Galaxy Entertainment, Sands China, Melco Resorts, Wynn Resorts and SJM Resorts.
Macau’s Chief Executive Ho lat Sng signed the agreements on behalf of the Macau SAR Government. Representatives from each of the concessionaires were present at the signing.
MGM China was represented by its Co-Chair and Managing Director Pansy Ho and its CFO Kenneth Fong.
Representing Galaxy Entertainment were Chairman Lui Che Woo and Vice Chairman Francis Lui, while Sands China was spoken for by its President and Executive Director Dr Wilfred Wong and its Executive Director Dave Sun.
Melco elected its Chairman and CEO Lawrence Ho, and its COO David Sisk to attend the formal ceremony, while for Wynn Macau, it was Chairman and CEO Craig Billings, and President and Executive Director Ian Michael Coughlan who represented the company.
Lastly, Chairman and Executive Director were present on behalf of SJM, alongside Co-Chair and Executive Director Angela Leong.
Per the new contracts, Macau’s concession holders must maintain issued capital of MOP 5bn ($623.9m) throughout the duration of their licence, while a Managing Director must possess 15% of their company’s share capital and reside in Macau.
In the last few months, it had been reported that Genting Malaysia attempted an 11th-hour bid the take one of Macau’s concession licences. This failed, however, owing to the strength of the current incumbents and a reluctance from Macau to drop any of its current licence holders.
Alongside the signing of these concessions, Macau passed updated laws on a new legal framework for junkets. Long touted, these laws mean junkets can only partner with one of Macau’s concession holders, and they cannot run operations on the same property as their operating partners.
Per the new contracts, Macau’s concession holders must maintain issued capital of MOP 5bn ($623.9m) throughout the duration of their licence, while a Managing Director must possess 15% of their company’s share capital and reside in Macau
This proposed gaming law has seen many of the region’s junkets either cease operations or move further afield – something which may permanently change Macau’s VIP scene, as high rollers move to other regions like Singapore and the Philippines.
Bollywood star Esha Gupta becomes Khelraja's Brand Ambassador
Khelraja, an Asian real-money gaming brand that offers sports betting, live casino and esports, has signed actor Esha Gupta as its brand ambassador in a bid to further popularise online gaming among Southeast Asia’s growing digital user base.
As part of the long-term association, the Bollywood and Telugu star will promote Khelraja’s sportsbook and casino segment across digital and offline marketing channels.
Khelraja’s latest partnership follows a similar deal made with former Manchester United and France footballer Patrice Evra.
Country Manager of Khelraja Japneet Singh Sethi said: “Khelraja is already extremely popular amongst Southeast Asia’s growing community of online gamers, thanks to the range of its offerings."
