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Macau limits new casino licences to 6, to last up to 10 years

Macau limits new casino licences to 6, to last up to 10 years

File photo. Traffic flows past gaming resorts at Cotai Strip in Macau on May 15, 2018. (Photo: Reuters/Bobby Yip)

HONG KONG: Macau's government said on Friday (Jan 14) that the number of new casino operators allowed to operate in the world's largest gambling hub would be limited to six concessionaires with an operating period of up to 10 years.

The announcement, which has been highly anticipated by casino executives, investors and analysts, puts an end to concerns that the government would change the current status quo for the number of operators in the Chinese controlled territory.

The licences of the six Macau operators, Wynn Macau, Sands China, MGM China, SJM Holdings, Galaxy Entertainment and Melco Resorts, are all due to expire in June this year.

The government said all existing or potential operators need to apply through a new tender process. It did not detail when operators will have to bid or whether the current license term will be extended, according to a notice posted on its website.

Casino operators must increase the amount of capital to 5 billion patacas (US$623.67 million) from 200 million patacas previously, and increase the requirement for a Macau based director of the company to hold 15 per cent from 10 per cent currently.

The former Portuguese colony is the world's biggest gambling hub in terms of money wagered.

Source: Reuters/aj

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