{"id":28977,"date":"2022-04-14T08:12:52","date_gmt":"2022-04-14T11:12:52","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=28977"},"modified":"2026-04-23T09:36:38","modified_gmt":"2026-04-23T12:36:38","slug":"mgm-china-confirms-payment-for-six-month-licence-extension-in-macau","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/mgm-china-confirms-payment-for-six-month-licence-extension-in-macau","title":{"rendered":"MGM China confirms payment for six-month licence extension in Macau"},"content":{"rendered":"\n

The company has revealed in its annual report for 2021 that it paid MOP47m (US$6m) for the six-month extension of its current concession.<\/p>\n\n\n\n\n\n\n\n

Macau.-\u00a0MGM China’s annual report shows that it paid US$6m for the six-month extension on its Macau casino licence. Like Wynn Macau Ltd, Melco International Development Ltd and\u00a0Sands China Ltd<\/a>, it also confirmed that it had to pledge to provide bank guarantees to cover possible employee dismissals.<\/p>\n\n\n\n

All six of Macau’s casino operators have applied to extend their current licences pending a new public tender to be held later in the year. The current licences are to expire in June, but last month\u00a0Lei Wai Nong<\/strong>, Macau\u2019s secretary for economy and finance, confirmed that licences would be\u00a0extended until December 31<\/a>.<\/p>\n\n\n\n

The extension of the licenses gives the Macau government time to prepare for an open tender for new Macau gaming licences. In its report, MGM China noted that the Macau government “did not say” when the new public tender would take place.<\/p>\n\n\n\n

Macau\u2019s gaming law amendment bill, which is still being debated, would allow\u00a0up to six gaming concessions<\/a>\u00a0with a length of 10 years and the possibility of a 3-year extension. A\u00a0final reading of the gaming law amendment bill<\/a>\u00a0is expected by June.<\/p>\n\n\n\n

Moody\u2019s downgrades MGM Resorts Corporate Family Rating to B1<\/h2>\n\n\n\n

Moody\u2019s Investor Services has downgraded the corporate family rating <\/strong>of MGM Resorts International<\/a> due to a slower economic recovery in Macau and the company\u2019s likely high debt levels. The decision includes a downgrade in MGM\u2019s Probability of Default Rating from Ba3-PD to B1-PD and a downgrade of the company\u2019s senior unsecured debt from Ba3 to B1. <\/p>\n\n\n\n

MGM China Holdings Ltd\u2019s senior unsecured debt was also downgraded from Ba3 to B1. However, despite a slower than expected recovery in Macau, analysts noted a strong recovery in the company\u2019s regional and Las Vegas operations <\/strong>and expect earnings from these to remain in line with its benchmark economic guidance.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company has revealed in its annual report for 2021 that it paid MOP47m (US$6m) for the six-month extension of its current concession.<\/p>\n","protected":false},"author":176,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"MGM China has confirmed a US$6m payment for a six-month extension of its Macau casino concession, aligning with other operators in pledging bank guarantees for potential employee dismissals. This extension, until December 31, facilitates the Macau government's preparation for a new public tender under a debated gaming law amendment bill. Concurrently, Moody's downgraded MGM Resorts International and MGM China Holdings Ltd due to a slower Macau recovery and high debt, despite robust performance in other operational regions.","focusai_entities":"MGM China, Wynn Macau Ltd, Melco International Development Ltd, Sands China Ltd, Macau government, Lei Wai Nong, Moody's Investor Services, MGM Resorts International, MGM China Holdings Ltd","focusai_location":"Macau, Las Vegas","focusai_target_profile":"ceo_executive (0.95), regulator (0.98), compliance_legal (0.9), operator_casino (0.95), investor_analyst (0.98), supplier_vendor (0.75), journalist_researcher (0.95)","focusai_suggestions":[{"label":"Macau Tender Timeline","query":"What specific factors are delaying the Macau government's announcement of the new public tender timeline, and what are the potential implications for operator capital expenditure planning and market entry strategies?"},{"label":"Concession Terms Impact","query":"How might the proposed 10-year concession term with a 3-year extension, as per the gaming law amendment bill, alter the long-term investment strategies and governance frameworks for current and prospective Macau operators?"}],"footnotes":""},"categories":[157,16338],"tags":[1618],"class_list":["post-28977","post","type-post","status-publish","format-standard","hentry","category-business-news","category-east-asia-news","tag-mgm-china"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28977","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=28977"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28977\/revisions"}],"predecessor-version":[{"id":29000,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28977\/revisions\/29000"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=28977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=28977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=28977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}