The operator will seek to become a concessionaire in its own right during Macau’s next tender after the city amends its gaming laws.
Macau.- Melinda Chan, executive director at Hong Kong-listed Macau Legend, has said the company will aim to become a Macau gaming concessionaire in its own right following the review of the city’s gaming legislation.
Chan told local media reports that a proposed amendment to Macau’s gaming law would incorporate the need for casino concessionaires to maintain national security and hence she expects authorities will support “patriotic” companies as part of an overall overhaul of Macau’s gaming industry.
The company currently operates three casinos through services agreements under SJM Holdings’ gaming licence. It also controls Macau Fisherman’s Wharf.
Under Macau’s proposed gaming law amendment bill, the city’s satellite casinos would have a three-year grace period to tie the ownership of the venue to any of the six gaming concessionaires allowed in the Macau market. Currently, there are 18 satellite casinos in the city: 14 use rights from SJM Holdings, three from Galaxy Entertainment Group Co and one from Melco Crown Entertainment.
Macau’s Legislative Council will conduct its first reading of the gaming law amendment bill on January 24. The bill will be sent to a subcommittee after a vote. The committee may propose changes before a second and final reading and voting at another plenary meeting of the General Assembly.
As the entire process may not be completed before the six existing casino concessions expire on June 26, authorities will consider extending existing licensees to the extent permitted by current gaming laws. Under the amendment bill, the new concession period will be for a maximum of 10 years but can be extended for a further three years in exceptional circumstances.