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Credit Suisse: Sands China needs to contribute US$413 million to concessionaire entity to comply with new Macau gaming law

Andrew W Scott by Andrew W Scott
Thu 16 Jun 2022 at 07:02
Is Macau still investible?
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In an overnight note, Credit Suisse has identified Sands China as the only one of Macau’s six casino gaming concessionaires which does not meet the MOP$5 billion (US$625 million) minimum capital requirement under the new Macau gaming law.

However, the investment bank says this “can be easily resolved [by a] capital injection from the listed [company] to the license holding subsidiary.”

Clause 17 of the new Macau gaming law clarifies that concessionaires must maintain their net assets value above a MOP$5 billion minimum level during the entire concession period. Credit Suisse stated, “According to the disclosures reported to the regulator DICJ, Sands China’s concessionaire remains the only entity with equity falling below the threshold” and provided the following table showing the equity (equivalent to net assets) and total assets of the six Macau concessionaire entities for 2021.

Concessionaire Ticker Assets (MOP$b) Equity (MOP$b)
Melco MLCO.OQ 64.1 30.7
Galaxy 0027.HK 65.2 11.9
Wynn Macau 1128.HK 33.2 9.1
MGM China 2282.HK 29.0 7.6
SJM 0880.HK 50.0 5.2
Sands China 1928.HK 81.4 1.7

With the net assets of Sands China’s concessionaire at just MOP$1.7 billion (US$213 million), the entity would require an injection of capital of MOP$3.3 billion (US$413 million) – presumably from the parent listed company – to meet the new minimum capital requirement.

Under the previous Macau gaming law, passed in 2001, the minimum capital requirement for concessionaire entities was just MOP$200 million.

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Tags: capital requirementCredit SuisseGaming LawMacauSands China
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Andrew W Scott

Andrew W Scott

Born in Australia, Andrew is a gaming industry expert and media publisher, commentator and journalist who moved to Hong Kong in 2005 and then Macau in 2009, when he founded O MEDIA, one of Macau’s largest media companies, former and parent company of Inside Asian Gaming (IAG). Both O MEDIA and IAG were merged with US-based gaming media brand CDC Gaming on 1 January 2025, under new corporate parent Complete Media Group (CMG).

Andrew was appointed CEO of Complete Media Group upon the merger. CMG is now the parent of three gaming media brands: Inside Asian Gaming (focusing on land-based gaming in the Asia-Pacific region), CDC Gaming (focusing on land-based gaming in the Americas), and Complete iGaming (focusing on online gaming in the Americas and APAC).

Andrew continues to be Vice Chairman and CEO of IAG and now-sister company O MEDIA.

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