The concession was granted by the Macau Special Administrative Region of the People’s Republic of China. The term of the Concession commences on January 1, 2023 and ends on December 31, 2032.

Under the concession, Melco Resorts Macau is authorised to operate the Altira Casino, the City of Dreams Casino and the Studio City Casino, as well as the Grand Dragon Casino and the Mocha Clubs. The Macau SAR Government has allocated 750 gaming tables and 2,100 electronic gaming machines for operations of Melco.

Melco Resorts Macau will also pay an annual premium to the Macau SAR of MOP$30m (US$3,741,000) plus a variable amount calculated in accordance with the number of gaming tables and electronic gaming machines operated by Melco Resorts Macau.

The variable amount of the annual premium is MOP$300,000 for each gaming table reserved exclusively for certain kinds of games or players, and MOP$150,000 for each gaming table.

Special gaming tax is currently payable at a rate of 35%. Contributions of 2% and 3% of gross gaming revenue are payable by Melco to a public fund and to urban development, tourism promotion, and social security.

The registered share capital and net asset value of Melco Resorts Macau cannot be less than MOP$5bn. The Concession requires that the Managing Director of Melco Resorts Macau must be a permanent resident of the Macau SAR, and must hold at least 15% of the registered share capital of Melco Resorts Macau.