MACAU BUSINESS By Tony Lai A New Chapter
The new 10-year gaming concessions kicked off on January 1 with the same six operators. However, in the new era of the city’s core industry, non-gaming takes centre stage, with concessionaires pledging a wide array of projects and amenities. Reducing the industry’s reliance on Mainland Chinese gamblers and attracting overseas customers is the name of the new game
A
high-tech amusement park, a garden-themed attraction inspired by Singapore’s Gardens by the Bay, a three-year residency show with Cantonese pop stars, a medical check-up centre, a riverfront food street, and a night market are
among some of the MOP100-billion-plus (US$12.5-billion- plus) non-gaming offerings pledged by the city’s six gaming operators to develop in the upcoming 10 years. Following months of public tender procedures about the
new 10-year gaming concessions, which have been effective since the start of 2023, the Macau government has decided to re-grant the licences to the six existing operators in the market. The seventh surprise bidder, GMM Ltd., a Macau subsidiary linked to multinational gaming conglomerate Genting Malaysia, failed to win a license. The new contracts were signed in December between the authorities and the six concessionaires: MGM Grand Paradise S.A., Galaxy Casino, S.A., Venetian Macau, S.A., Melco Resorts (Macau) S.A., Wynn Resorts (Macau) S.A., and SJM Resorts, S.A.
Secretary for Administration and Justice André Cheong
Weng Chon, who headed the committee for the public tender of new gaming concessions, stressed in the press briefing on Saturday that no new land parcels will be granted to the six gaming concessionaires despite their pledges to roll out more non-gaming offerings in the next 10 years.
In the next decade between 2023 and 2032, the six
operators have agreed to invest at least MOP118.8 billion (US$14.85 billion) in Macau, including MOP108.7 billion for exploring overseas customer markets and developing non-gaming projects and MOP10.1 billion for gaming initiatives. But this investment pledge could inflate should the annual gross gaming revenue of Macau hit a certain amount. According to the agreements between the two sides, if the
annual gross gaming revenue of Macau hits the MOP180- billion mark by 2027 or earlier, the gaming operators will have to increase their pledged non-gaming investments by at least 20 per cent.
22 FEBRUARY 2023
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