Connect with us

Hi, what are you looking for?

World News

Macau casinos expected to invest around $12B over next 10 years — media

HONG KONG — Macau casino operators, vying for a license in the world’s biggest gambling hub, are expected to invest a total of around 100 billion patacas ($12.4 billion) over the next 10 years, local broadcaster TDM reported. 

The seven applicants, which include incumbents Sands China , Wynn Macau, Galaxy Entertainment, MGM China, Melco Resorts and SJM Holdings, as well as new entrant Genting Malaysia, are competing for six slots. 

Galaxy and Sands may invest more than 20 billion patacas each, while the others will invest less than 20 billion patacas. Altogether the total will be around 100 billion, TDM said. 

Negotiations with the Macau government are almost complete, the broadcaster said, with the bidders having reached agreement about what each of them proposes to do over a new 10-year license term which begins in 2023. 

Malaysian group Genting is a credible threat that could unseat an incumbent Macau operator for a new license, prompting the industry’s biggest potential shakeup in more than two decades, analysts and executives say. 

The six Macau incumbents have operated in the Chinese special administrative region since 2002, with their current concessions expiring at the end of this year. 

The bidding for new licenses comes as China’s “dynamic zero COVID” policy has hammered casino revenues over the past two years, and despite some relaxation of travel restrictions for mainland visitors, gambling revenue is unlikely to pick up in the near term, say analysts. — Reuters

    You May Also Like

    Business

    The head of the International Monetary Fund has warned of increased risks to the stability of the financial system after weeks of banking sector...

    Business

    1.22 billion people use Instagram every month. That’s a huge number of Instagrammers trying to hit it big on the platform all at the...

    Business

    The Home Office has made next to no progress in tackling criminal fraud during the past five years, despite it having become Britain’s most...

    Business

    Since the rise of online casinos, cybersecurity has become a major concern for both casino operators and players alike. The transactions that go around...

    Disclaimer: rightdecisionnow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2023 rightdecisionnow.com | All Rights Reserved