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Bidding War for Macau Licenses Gets Surprise Contender
For a long time, Macau has held the title of the largest gambling hub that the world has ever seen. And why not? Huge, grandiose, and splendorous casinos tower within the city. Fancy hotels used to fill up by the thousands. Restaurants, old-timey pubs, local cuisine, and some quality nightclubs are sprinkled along the streets of Macau. And if that wasn’t enough, there is a ton of historical tourist sites. In other words, Macau had something for everyone.
Unfortunately, the city experienced a huge blow after the COVID-19 pandemic. Quite a few businesses were forced to shut down, tourism dropped significantly, and even a few of the biggest casinos were forced to make some cutbacks. And speaking of the casinos, recently, the Macau gambling establishments have been attempting to renew their licenses.
Macau License Renewal
There are six casino licenses in Macau right now. All six of their permits are going to expire by year’s end, and up until very recently, six different candidates have been competing for the licenses. The whole situation has led to quite the uncertainty in regards to the existing license operators of China’s gambling hub.
Sands China Ltd., MGM China Holdings Ltd., and Galaxy Entertainment Group Ltd. are just three of the six current operators in Macau. All six of them have already submitted their bids, and are eagerly awaiting the results. The announcement is expected to arrive before the permits for the casinos expire by the end of 2022.
However, just recently, a new challenger has thrown their hat into the ring. The Genting Group has made a bid to grab some of the six new licenses, which are going to be valid for up to 10 years.
Genting Group Makes a Move
The Genting Group has surprised everyone by making a move. The Genting company is controlled by one of Malaysia’s biggest and most famous casino tycoons, Lim Kok Thay. The company is behind quite a few resorts in both Singapore and Las Vegas.
After Macau’s recent dive into popularity, Singapore’s gambling industry has been growing quite significantly. The city-state is well on its way to becoming Asia’s biggest gambling hub. And needless to say, Las Vegas is currently the world’s biggest gambling destination.
Representatives of the Genting Group have expressed confidence in their move. The company has seen a huge growth in the past few years and has become a dominant presence in the world of gambling.