The six successful applicants of fresh ten-year gaming permits in the Asian gambling hub of Macau have seen their new licences kick into gear, as analysts predict a 2023 bounce back following a year of struggles.
The awarding of a new 10-year gaming concession contract permits the operation of games of chance or other games in casinos in the region from January 1, 2023.
In November, after considering the contents of each submitted, the list of recipients was confirmed as Melco Resorts (Macau), MGM Grand Paradise, Galaxy Casino, Venetian Macau, Wynn Resorts (Macau) and SJM Resorts. This saw Genting Malaysia miss out on its bid to muscle in on the action.
After the latest licences took effect, Lawrence Ho, Chair and Chief Executive Officer of the former, commented: “We are honored and thankful to be awarded a ten-year gaming concession by the Macau SAR government. The company is grateful for the central government’s leadership and guidance in supporting Macau’s continued integration with mainland China.
“We pledge our full support to the sustainable and diversified development of the tourism and leisure industry in Macau, and will continue to work with the government, the community and stakeholders to benefit and contribute to the city’s development as a key global tourism destination.”
This comes as the region looks for a relaxation in COVID rules to bring an upturn in fortunes, with the past year seeing Macau casinos record their worst 12 month performance since 2004. This, says Bloomberg, can be largely attributed to the strict zero COVID policy enforced by China wreaking havoc on the region.
Revenue through December declined 56 per cent to MOP 3.48bn ($433m), which compounded the full-year performance to fall 51 per cent to MOP 42.2bn ($5.2m).