Macau’s six casino licence holders have now officially signed up for their ten year licence renewals with the Macau government.
The Chief Executive of Macau, Ho Iat Seng, signed documents for the Macau government with executives MGM Grand Paradise, Galaxy Casino, Venetian Macau, Melco Resorts, Wynn Resorts and SJM Resorts.
MGM China said it was ‘honored to join hands with the Macao SAR government and the Tender Committee to have achieved this historical milestone. MGM Grand Paradise always has full confidence in the prospects of both Macau and the Company, and will stay dedicated to fulfilling our commitments to the Macao SAR government as well as proactively aligning with the Nation’s directions to foster high-quality tourism development.’
Pansy Ho, Managing Director of MGM Grand Paradise, said, “The gaming concession awarded to MGM Grand Paradise marks an important milestone for the Company. I am truly grateful for the trust and recognition by the Macao SAR government. The new concession also ushers in a novel development opportunity for me. With excitement and unwavering spirit, I will devote myself to taking up the responsibilities over the next 10 years and carrying out the Company’s commitments to Macau. We strive to propel the city forward, and will continue to leverage our strength to bring forth innovations, giving fresh impetus to Macau’s position as ‘One Center, One Platform, and One Base’.”
Bill Hornbuckle, Chairperson and Executive Director of MGM China Holdings, said, “On behalf of MGM Resorts International, I would like to express my heartfelt gratitude to the Macao SAR government for giving us support and opportunity on the new gaming concession. We always believe in the strong potential of Macau. As Macau is entering a new milestone, we will continue to share our international network, experience and resources with the Macau team. Under the leadership of Managing Director Pansy Ho, together with our remarkable management team, I am confident that MGM China will demonstrate further strength in the integrated tourism and leisure industry and continue to make contributions to Macau.”
Wynn Resorts stated: “Wynn Resorts is pleased to announce that Wynn Resorts (Macau) S.A. has entered into a 10-year agreement with the Macau government for the renewal of its gaming concession, covering Wynn Macau and Wynn Palace Cotai. Through our extensive and positive discussions with the Macau government, we are confident that the market holds significant future opportunity. We thank the government for its partnership and look forward to further supporting Macau as a world tourism and leisure center.”
The new licences come into effect at the start of 2023, with all six licence holders to maintain capital reserves of MOP$5bn, a huge increase from MOP$200m previously.
The six operators have committed to a combined investment of MOP$118.8bn (US$14.9bn), of which MOP$108.7bn (US$13.6bn) will go on non-gaming projects and MOP$10.1bn (US$1.26bn) will go on gaming.