Macau casino contract extensions to be signed on June 23
Authorities in Macau will make the extension of existing casino tenders official next week.
Macau.- The government of Macau has announced that it will sign off on six-month extensions of the city’s casino concessions on June 23. The announcement was made by Lei Wai Nong, Macau’s secretary for economy and finance.
Macau announced back in March that it would extend the six current casino concessions, which were due to expire this month, because of a delay in holding a retender while it works on new gaming legislation
In order to be able to apply for an extension, the government asked casino operators to pay MOP47m (US$6m) and to provide a bank guarantee reaching up to MOP1.6bn to cover possible employee dismissals.
One of the first casinos to request an extension of its licence was Sands China. It was followed by the rest of the companies.
Legislator Chan Chak Mo has recently revealed that the second standing committee will sign its final draft proposed new general gambling law today (June 15). After that, the Legislative Assembly will hold a plenary meeting, likely on June 21, to vote on the changes.
