Macau to reveal concession details in April

The incoming Secretary for Economy and Finance in Macau said the government will disclose further details on the casino concession process next April.

Macau.- The specifics of the re-tender process for the six casino concessionaires remains a mystery. However, an official said Macau will announce further details on the casino concession during a meeting in 2020.

According to incoming Secretary for Economy and Finance Lei Wai Nong, there will be a policy address next April. The incoming official said that the government’s priority is the interests of the local people. 

“First we have to fully review the gaming concessions contracts provided after the opening of the gaming market,” he explained. “Then, maybe introduce some new things, replace some requirements.”

“It’s a very important work for the new gaming tender. New problems can arise with the new contracts, so we have to define the requirements well. The gaming sector involves many interests, but I want to underline that the interests of the local residents will always have the priority.”

Casino figures in November

According to the Gaming Inspection and Coordination Bureau (DICJ), Macau gaming gross revenue (GGR) for November was down 8.5%. The figure came in at just €2.58 billion, considerably down year-on-year.

“We think VIP performance was again challenged,” Deutsche Bank stated in a note. “VIP GGR (was) down in the mid to high 20% range year over year.”

“We expect December to be challenged with visa restrictions ahead of the visit from President Xi Jinping and continued headwinds in the VIP segment. That said, we think there is potential for flat, and potentially positive, comparisons to emerge in the 1Q20, should the seasonal stability exhibited over the past two months remain firm,” they added.