This post was originally published on this site
The sector has been reeling since the start of the COVID-19 pandemic, with revenues sliding 70% in 2021 to $10.8 billion from $36 billion in 2019. Macau’s new casino licenses are expected to begin in 2023 and are crucial for the six incumbents to keep operating their multi-billion dollar properties. They have collectively invested some $40 billion in Macau since casinos were liberalised more than 20 years ago. All companies submitted their bids in person via two large stacks of paper files, transported by trolleys, to the government on Wednesday, according to footage from public broadcaster TDM. They had to pay HK$10 million to apply. The bidding comes as Macau casinos have been slammed by ongoing COVID curbs and travel restrictions. Authorities have also rigorously tightened control over gambling operations in the former Portuguese colony via new legislation. The government is expected to review the proposals and negotiate with the bidders before announcing six winners by the end of November or early December, analysts said.
When bidding, “special consideration should be given to develop foreign tourist markets, experience in operating casino games, investment in gaming and non gaming projects for Macau’s benefit, plans to manage the casino, plans to monitor and prevent illegal activities and social responsibilities,” a statement on the government’s website said.
($1 = 7.8478 Hong Kong dollars)
