Wynn Macau has said it expects its concession will be renewed or extended beyond June 26, 2022.
Macau.- While there’s been no official news, Wynn Macau says it’s confident that authorities will eventually extend its gaming licence beyond the current expiration date of June 26, 2022.
With Macau’s legislative elections will be held on September 12, and relevant public consultation and legal amendments to the gaming law still yet to come, it appears there will be no time to prepare for a re-tendering in time for when licences expire next year. As a result, operators believe extensions are the only option.
Lawrence Ho, Melco’s chairman and CEO, has also said he expects licences to be renewed, while Sands China CEO Wilfred Wong Ying Wai, has said it “is the only alternative at this point.”
In July, Macau’s secretary for economy and finance said a public consultation on gaming law will be held in the second half of this year – a committee of legislators has urged the government to announce an exact date “to avoid causing constant doubts.”
In August, a subcommittee of the Macau Legislative Assembly issued a report with recommendations for the government, suggesting authorities should give more information about changes to the licence criteria and the extension of current gaming concessions.
Members also suggested authorities should not rush to renew licences, arguing that this might result in “lower-quality” bids for the city’s gaming rights.
Changes to licence criteria
In April, Lobo Viela released a research paper that said the city’s gaming licence criteria should require “commitments relating to several non-core activities.” The paper noted that Macau is “excessively dependent on tourism and gaming.”
Analysts also suggest there should be a requirement for investment in the Guangdong-Hong Kong-Macau Greater Bay Area (GBA) to create an international world-class tourism destination that recognises the uniqueness of Macau’s cultural and social resources.
Another report entitled “The economic impact of a global pandemic on the tourism economy: the case of COVID-19 and Macao’s destination- and gambling-dependent economy” suggested that state casino operators should turn to online gambling and technology.