Sands China, Galaxy Entertainment, MGM China, Wynn Macau, Melco Resorts and SJM Holdings are all breathing a sigh of relief at the award of the new licences – because if any had failed with their bids for the decade-long extensions, then the companies would have had to give the casino area back to the Government for free at the end of the year.

However, Genting, which came in with a surprise bid for one of the new licences has missed out.

The Malaysian businesses’ bid was always unlikely to be successful ahead of the six operators already in Macau – but, should it have been successful, it would have represented a significant overhaul in the province’s power structure.

The Chinese Government is understood to be looking at ways that Macau can move away from the heavy gambling focus that it currently has – something that Macau’s Secretary for Economy and Finance commented on recently.

Lei Wai Nong said: “In the next 10 years, the non-gaming elements should form another sector of Macau’s economic development, so the non-gaming element and the gaming element should become two important economic pillars of Macau in the future.”

Now that the current operators in the province know the next decade is set, the question turns to whether or not Macau will recover from the pandemic under China’s zero-Covid policy – which has caused riots on the mainland.