The Chief Executive, Mr Ho Iat Seng, signs the new gaming concession contract on behalf of the MSAR with the Managing Director from MGM Grand Paradise Limited, Ms Pansy Ho.
The Macao Special Administrative Region (MSAR) Gazette published a series of Executive Orders today, to announce the final results of the public tender for new gaming concessions. The Chief Executive, Mr Ho Iat Seng, representing the Macao Special Administrative Region, signed a gaming concession contract with each of the six enterprises respectively awarded a gaming concession.
Based on the report and suggestions submitted by the committee for the gaming concessions public tender, the Chief Executive today promulgated Executive Orders Nos. 218/2022, 219/2022, 220/2022, 221/2022, 222/2022 and 223/2022, to grant the new gaming concessions to respectively: MGM Grand Paradise S.A.; Galaxy Casino, S.A.; Venetian Macau, S.A.; Melco Resorts (Macau) S.A.; Wynn Resorts (Macau), S.A.; and SJM Resorts, S.A.
Today at the Government Headquarters, the Chief Executive signed with each of the six awardees a Concession Agreement on Operating Games of Luck in Casinos in the Macao Special Administrative Region. The contracts will come into effect on 1 January 2023, with a validity of 10 years.
The six enterprises have each made a clear promise in their proposals, in response to the tender, to maintain stable local employment, and promote upward mobility of local employees.
According to the tender proposals, the six awardees promised to invest in aggregate a total of 118.8 billion patacas, of which 108.7 billion patacas will be for exploring overseas customer markets and developing non-gaming projects, while 10.1 billion patacas will be for gaming investment. Thus, the investment in non-gaming elements will be 10 times the amount invested in gaming activities. The tender documents respectively submitted by the six awardees also included their development plans and execution schedules for the 10-year concession period.
Upon the granting of the new gaming concessions, Macao’s gaming and tourism industries are stepping forward into a new stage of development. The awardees are required to keep their promises to strive to explore overseas customer markets, and implement various non-gaming initiatives as planned. The latter are to be focused on 10 areas, including convention and exhibition business, entertainment and performances, sports events, culture and art, healthcare, and themed amusement, along with others. The aim is to enhance Macao’s international image and its attractiveness to tourists, by hosting high-standard events and branded projects.
According to the stipulations of the newly-revised or newly-formed gaming laws and regulations, the Government will strengthen supervision of the gaming industry. The Macao Gaming Committee will coordinate, on behalf of the Government, designated teams of officials and staff to follow up and assess the project implementation of the six awardees, in order to ensure the healthy and orderly development of the gaming industry, while consolidating Macao’s positioning as a world centre of tourism and leisure, promoting Macao’s adequate economic diversification, and facilitating Macao’s efforts to advance to a new stage of social, economic and livelihood development.
