SJM seeks licence extension in Macau
SJM Holdings’ gaming licence expires in 2020 and the company seeks to get a two-year extension from Macau authorities.
Macau.- SJM Holdings CEO Ambrose So Shu Fai announced that the company will seek to get a two-year extension for its gaming licence, which expires in 2020. As local media reports, the short period would synchronise its licence times with four other operators with licences that end in 2022.
“It is clear that a new legislation will be required if the extension of a licence of an existing concessionaire is over five years [in length]. This is the issue that the Gaming Inspection and Coordination Bureau has mentioned before,” So said during the launch of the “Macau Gaming History Gallery” at the Hotel Lisboa. His comments are related to local laws, which allow extensions of up to five years for existing licence holders but foresee public tenders for new concessions when they are already expired.
Mr So further stated that “it is a normal thought that everyone can cast the bid [for gaming licences] at the same pace,” and added that they “have to be able to answer our shareholders regarding how the business will continue to operate in the future.” His latter comment was related to the US$4.6-billion Grand Lisboa Palace which is set to be open in Cotai, the first company resort in the area.
