A total of seven companies submitted bids under Macau’s re-tender for Macau gaming concessions before the bidding period closed on Wednesday. The companies in question included all six current concessionaires – Wynn Resorts (Macau) S. A., Venetian Macau S. A., Melco Resorts (Macau) S. A., MGM Grand Paradise S. A., Galaxy Casino S. A. and SJM Resorts S.A. – as well as surprise seventh bidder in GMM S. A.
According to Records at the Macau Companies register, the President of GMM S. A. is Genting Group Chairman Tan Sri Lim Kok Thay, with representative Ms Chen pointing out that GMM is associated with Genting Malaysia.
The Macau government issued a press release late Wednesday stating, “Seven bids were received after the closing of the bidding period and the tender committee will open the bidding process on at 10am on [Friday] 16 September 2022. Members of the tender committee, representatives of the Public Prosecutor’s Office and representatives of the companies that have submitted their bids will be present.”
The seven submissions received under Macau’s re-tender was just a third of the 21 bids received in 2002, when companies from Macau, Hong Kong, the United Kingdom and the United States took part.
The Macau government published the rules for the re-tendering of gaming concessions in June, with criteria calling on operators to incorporate their plans for developing foreign tourist markets, the benefits brought by gaming and non-gaming investments to Macau, and the corporate social responsibilities they would undertake.
A maximum of six companies will be awarded 10-year gaming concessions, with the successful bidders operating from 1 January next year following the conclusion of the current concession period on 31 December 2022. To be successful they will be required to submit proof of registered capital totalling MOP$5 billion, while the management of concessionaires must be delegated to a Managing Director who “shall be a permanent resident of the Macau SAR and shall hold at least 15% of the capital stock of the concessionaire.”
The combined number of gaming tables and slot machines to be operated by concessionaires in 2023 has been set at 6,000 and 12,000 respectively.
Under the new Gaming Law, junkets will no longer be allowed to operate VIP rooms inside casinos, while both junkets and satellite casino operators will be prohibited from engaging in revenue share agreements with concessionaires.
RelatedPosts
