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Macau’s Operators Sign New Contracts
The casino industry all over the world took a hit with the pandemic. The brands that relied on land-based casinos took a blow, but once the situation was under control, they got back up again. A similar situation happened in Macau.
This region bounced back from the pandemic and introduced new measures to tackle it. Recently, the 6 casino operators in the region signed new contracts that let them continue their operations and introduce non-gaming operations to stabilize the economy. All they have to do now is implement these measures.
Operators Will Offer Non-gaming Activities
China had a tough period in the last couple of years because the pandemic originated in the country. The populace had to live with strict measures to curb the rise in the number of infected. Recently, the current president was reelected and he introduced a bunch of new measures.
But the economy was in shambles and the citizens had had enough and started rioting. They needed to go back to work and they needed to make a living. This prompted the government to change some of its decisions. The Macau region was one of the affected ones which is why the government gave the casino operators new conditions to fulfill.
The Macau region makes up over 80% of China’s economy which is why the region is so important. The region relies on casino operations. When they don’t work the economy is in serious trouble which is why certain operators were given new licenses. But they got another set of conditions to fill.
The first one is that the casino operators need to offer non-gaming operations. This is done as a way to diversify the economy of the region which will diversify the Chinese economy as a whole. The second thing the operators will need to do is invest $14.82 billion into the economy once they get the licenses which need to be renewed in another 10 years.
The 6 operators that got a new license are SJM Holdings, Melco Resorts, Galaxy Entertainment, MGM China, Sands China, and Wynn Macau. They have agreed to the terms offered by the government and will implement the soon enough.
This means that the Macau region will still rely on the operations of casinos, but will also have new operations introduced by the six casino operators with new licenses. This might be a new era for the region as the casino resorts will offer new operations or activities that don’t include gaming. This will bring more tourists to the region which will help stabilize it after a rough period. So, casinos will now offer a wider range of options for visitors which will take the economy to another level.
The 6 casino operators have gotten new licenses for another 10 years. They will invest heavily in the Chinese economy and will diversify their operations by offering new activities at their resorts. They are non-gaming oriented and will help take the economy to another level and stabilize the country too.