Six incumbents formally sign 10-year casino concession contracts with the Macau government

Six incumbents formally sign 10-year casino concession contracts with the Macau government

Article brief provided by Inside Asian Gaming
  • Andrew W Scott and Pierce Chan, Inside Asian Gaming
December 16, 2022 6:28 AM
  • Andrew W Scott and Pierce Chan, Inside Asian Gaming

Just minutes ago Macau’s six concessionaires have formally been awarded new gaming licenses, with the signing of gaming contracts with the Macau government.

The six companies signed in the order in which they ranked in the recent tender process: MGM Grand Paradise, Galaxy Casino, Venetian Macau, Melco Resorts (Macau), Wynn Resorts (Macau) and SJM Resorts.

The Chief Executive of Macau, Ho Iat Seng, signed on behalf of the Macau government.

The representatives of the six concessionaires who signed the contracts were:

  • For MGM: Pansy Ho, Co-Chairperson and Managing Director of MGM China and Kenneth Fong, President, Strategic and CFO of MGM China; Standing: Other representatives of MGM, the highest placed bidder in the tender process
  • For Galaxy: Lui Che Woo and Francis Lui, Chairman and Vice Chairman of Galaxy Entertainment Group
  • For Venetian: Dr Wilfred Wong, President and Executive Director of Sands China Limited and Dave Sun, Executive Director, Sands China
  • For Melco: Lawrence Ho, Chairman and Chief Executive Officer of Melco Resorts & Entertainment and David Sisk, Chief Operating Officer, Macau Resorts for Melco Resorts & Entertainment
  • For Wynn: Craig Billings, CEO of Wynn Macau; Linda Chen, Vice Chairman, COO and Executive Director of Wynn Macau; and Ian Michael Coughlan, President and Executive Director of Wynn Macau
  • For SJM: Daisy Ho, Chairman and Executive Director of SJM Holdings and Angela Leong, Co-Chairman and Executive Director of SJM Holdings

The new contracts, which come into effect on 1 January 2023, require all six concessionaires to maintain issued capital of MOP$5 billion – up from MOP$200 million under the previous contracts.