GMM now “unconditionally” accepted for Macau tender process
The committee overseeing Macau’s gaming concession retender has updated GMM Limited’s status from “conditional” to “unconditional”.
Macau.- GMM Limited, the only bidder not already operating casinos in Macau, has now had its bid for a licence unconditionally accepted. That means there are seven contenders in the contest for six casino licences in Macau.
GMN, the only outsider to have applied for the retender process, had previously been “conditionally accepted”, suggesting that certain documents may have been lacking due to circumstances beyond its control. However, its status has now been updated.
As a result, the committee overseeing the public tender has now accepted seven bids for up to six, 10-year gaming concessions. It is expected that the new concession term will begin on January 1, 2023.
GMM Limited is linked to Lim Kok Thay, chairman of Genting Group, which operates casino resorts in Malaysia, Singapore and elsewhere. Its bid was a surprise and many analysts believe it is unlikely that Macau will leave out any of its six current casino operators.
Brokerage JP Morgan stressed: “It is unlikely for a government to choose a new foreign operator over incumbents, who have invested billions of dollars and employed local staff over two decades, including in an unprecedented downturn like this.”
However, MGM president and CEO Bill Hornbuckle stressed that GMM Limited shouldn’t be underestimated. Speaking at the Global Gaming Expo (G2E) in Las Vegas, Hornbuckle told CNBC that GMM Limited’s bid should be taken “very seriously”.
