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Macau’s six concessionaires to sign new 10-year concession contracts this Friday

Andrew W Scott and Ben Blaschke by Andrew W Scott and Ben Blaschke
Wed 14 Dec 2022 at 07:38
Macau’s six concessionaires to sign new 10-year concession contracts this Friday

Vice Chairman Francis Lui and Group Advisor Jorge Neto Valente from Galaxy Entertainment Group signing the concession contract extension to 31 December 2022 with Macau Chief Executive, Ho Iat Seng, on 23 June 2022.

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The Macau SAR Government will sign new 10-year gaming contracts with the city’s six concessionaires this Friday, the culmination of a consequential year for the gaming industry involving major changes to the Macau gaming law and an intense public re-tender process.

The signing of contracts comes after the current six concessionaires were all provisionally awarded new concessions late last month, beating out a challenge from a seventh bidder linked to Genting Malaysia.

IAG understands the government has organized press conferences on Saturday at which the leaders of all six concessionaires will appear and discuss their plans for the 10 years of the new concession.

The six companies set to sign, in the order they were placed in the tender process, are MGM Grand Paradise, Galaxy Casino, Venetian Macau, Melco Resorts (Macau), Wynn Resorts (Macau) and SJM Resorts.

As reported by IAG, the concessionaires have spent the past few weeks ensuring they fully comply with Macau’s new gaming law, which among other stipulations requires the operators to increase the share capital of their concession holding entities to MOP$5 billion. At least 15% of shares in the concession-holding entity must also be held by a Macau-based Managing Director – up from 10% under the old law.

The new 10-year concessions take effect from 1 January 2023.

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Andrew W Scott and Ben Blaschke

Andrew W Scott and Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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 and parent company of Inside Asian Gaming.

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