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The Gaming Concession Public Tender Committee is now choosing which operators will be given concessions after accepting all seven proposals for Macau's six gaming concessions.
Before the deadline for submitting bids for the public tender on Wednesday last week, seven firms filed their proposals for the concessions. The new concessions are slated to start running on January 1st, 2023, and will last for ten years.
Three concessions—held by SJM Resorts Limited, Galaxy Casino Company Limited, and Wynn Resorts (Macau)—as well as three sub-concessions—MGM Grand Paradise Limited, Venetian Macau Limited, and Melco Resorts (Macau) Limited—comprise Macau's gaming sector at the moment.
All six incumbents and newcomer GMM Limited, a division of casino operator Genting Malaysia, had their bids accepted. The committee provisionally accepted the firm's offer, but it made no indication of what GMM had to do to get its bid officially recognized.
The government may only award up to six gaming concessions through public and open tender for a period of ten years, according to Macau's new gaming industry law, which forbids the awarding of subconcessions. In extreme cases, there is a potential extension of up to three years.
The 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—are among the nine members of the committee that the government established in July of this year to oversee the tender.
The new gaming concessions are expected to be awarded by the end of 2022, while it is presently believed that the government does not have a timeline for when it will finish evaluating the approved bids.
By fLEXI tEAM