Analysts believe Macau should include requirements on investment to boost diversification as part of the retendering process for gaming licences.
Macau.- Analysts suggest that the upcoming retendering of Macau’s casino licences is an opportunity to implement changes to the licence criteria.
A research paper from Pedro Cortes, managing partner at law firm Rato, Ling, Lei & Cortes, and Antonio Lobo Viela, an advisor on gaming-related matters, proposes to add requirements for operators to help the diversification of Macau’s economy.
According to the analysts, Macau has a weak economy that is “excessively dependent on tourism and gaming,” something that came starkly into view after during Covid-19 countermeasures.
Cortes and Lobo Viela think the city’s gaming licence criteria should require “commitments relating to several non-core activities or investments on the part of the gaming businesses and corporate and social responsibility plans.”
Analysts also suggest there should be a requirement for proposals for investment in the Guangdong-Hong Kong-Macau Greater Bay Area (GBA) to create an international world-class tourism destination, recognising the uniqueness of Macau’s cultural and social resources.
A public consultation on the amendment of Macau’s gaming law is likely to be launched after legislative elections on September 12.
Although Macau’s current casino licences are due to expire in June 2022, the city’s gaming laws state that licences can be extended for up to five years from the original 20-year term.