MGM says getting new Macau gaming licence is top priority

Chief financial officer Jonathan Halkyard say the company has worked very hard on its application for the retender.

Macau.- Applications have been opened for Macau’s casino licence retender and now the seven applicants can only wait, but MGM has highlighted the importance of securing a licence.

At Deutsche Bank’s 30th Annual Leveraged Finance Conference, MGM Resorts International chief financial officer Jonathan Halkyard said: “There is no greater priority for our MGM China management right now, and for MGM Resorts as a majority shareholder, than seeing this through to a successful conclusion.”

He added: “We submitted that a week ago. We had oral presentations this past weekend, which I’m told went quite well from our perspective. We understand that this process is going to continue for the next three months and that the decisions will be made by the end of the year. That’s the timeline that we’re working on.”

The results of the public tender for new 10-year gaming concessions will be announced by the end of the year. No surprises are expected, with all six current licence holders expecting to gain new licences, but there is one curve ball: an application from Genting-linked GMM.

Halkyard also referred to MGM’s planned integrated resort in Osaka, Japan, saying that company was optimistic that it would proceed and build a fantastic property. MGM Resorts International is part of a consortium with ORIX that was selected as Osaka’s IR partner for its bid to host an IR. 

The Osaka IR project is set to include three hotel products providing approximately 2,500 rooms, a MICE facility measuring 68,000 square meters, a 3,500-seat theatre, as well as various Japanese cultural experiences and retail facilities. It will also employ about 15,000 people.