Three Las Vegas-based companies got a welcome boost Saturday when the Macao government announced they had been granted provisional approval to continue operating casinos in the Chinese enclave for the next 10 years.
Macao’s special administrative region government announced Saturday that MGM Resorts, Las Vegas Sands, Wynn Resorts along with three Chinese rivals were awarded provisional approvals. The move comes after the companies committed to help diversify tourism in the Chinese enclave by investing in nongaming attractions such as theme parks and music venues.
André Cheong Weng Chon, Macao’s secretary for administration and justice, said that after the announcement of the provisional award list, the government would begin to draft contracts expected to be signed with concessionaires next month.
“The six companies that have been provisionally awarded will be developing the non-gaming and gaming sectors for Macao,”
The government’s announcement was good news for the Las Vegas companies, which over the years have invested billions of dollars in the only location in China where gambling is legal. While the companies have faced strong financial pressures due to the COVID-19 pandemic, there’s hope for Macao’s eventual return to pre-pandemic days of stellar casino revenue performance.
In addition to the Las Vegas-based companies, Galaxy Casinos, Melco Resorts and SJM Resorts — also received the provisional concession licensing. Genting Group of Malaysia, which submitted a late bid for a concession, was left out of the mix.
Concession renewals have been a hot topic in Macao all year. Companies bidding for a license had to submit a plan to the government for review in September. High on the list of government priorities was for companies to invest in nongaming amenities
