Macau Legend extends satellite casino agreement with SJM Holdings
Melinda Chan Mei Yi, chief executive officer of Macau Legend Development Ltd, has confirmed that the agreement with SJM Holdings has been extended until December 31.
Macau.- Macau Legend will continue to operate its satellite casinos until at least December 31. Chief executive Melinda Chan Mei Yi told a conference the company had extended its agreement with SJM Holdings. From there, the future of the concession will depend on what happens with the amendments to Macau’s gaming regulatory framework.
Macau Legend currently operates three casinos through services agreements under SJM Holdings’ gaming licence. It also controls Macau Fisherman’s Wharf. Macau’s current casino concessions were to expire on June 26, but a tender process for renewal has yet to be held due to delays in the new gaming legislation. As a result, Macau has decided to grant extensions on the current casino licences until December 31.
All six of Macau’s casino operators have applied for the extensions but six to eight satellite casinos were expected to cease operations by the end of June.
Melinda Chan also said that Macau Legend is optimising its operations due to the poor business environment, leading to a 16 per cent reduction in staff at Macau Fisherman’s Wharf.
Macau: doubts remain about how many satellite casinos will remain open
Macau’s chief executive, Ho Iat Seng, told workers worried about their jobs that most of the satellite casinos should be able to continue operating unless the respective gaming franchisees or sub-franchisees terminate their contracts.
Ho Iat Seng also told the official news agency, GCS, that few satellite casinos would go out of business and that there would not be a significant impact on employment. He also said that the SAR government is closely monitoring the unemployment situation.
Ho Iat Seng also stressed that the proposed changes to the existing laws are not aimed at changing the overall path of the industry’s development, but rather creating a clearer framework for the industry as a whole.
