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The gambling-friendly enclave of Macau reportedly now has two fewer casinos following news that operator Galaxy Entertainment Group Limited has shuttered its Rio Casino and President Casino properties.
According to a report from Inside Asian Gaming, the closure of the ‘satellite’ venues took place early this morning in the run-up to the introduction of legislation that is expected to compel such enterprises to commit to a new management fee business model. The source detailed that the two downtown facilities had been run by Galaxy Entertainment Group Limited’s City Clubs arm, which is a collaboration initiated in 2004 that moreover includes the nearby Casino Waldo facility.
Personnel protection:
Galaxy Entertainment Group Limited reportedly asserted that the closures are not due to result in any job losses with all impacted workers being ‘reassigned to other casinos within the group with all employment terms remaining unchanged’. The Hong Kong-headquartered operator purportedly also disclosed that this is relocation to take place once it has completed an internal inventory and asked its team members for their preferred new locations.
Reportedly read a statement from Galaxy Entertainment Group Limited…
“They will also be provided with vocational training to help them adapt to the new working environment. We are grateful for the support and love of the public, our customers from all walks of life of Rio Casino and President Casino over the years and we will continue to contribute to the leisure and tourism industry in Macau.”
Sextuple scenario:
All of the casinos in Macau are run by either Melco Resorts and Entertainment Limited, MGM China Holdings Limited, SJM Holdings Limited, Sands China Limited, Galaxy Entertainment Group Limited or Wynn Macau Limited. But, some of these firms essentially sub-contract their gaming operations out to ‘satellite’ partners who benefit by receiving a share of any revenues they may generate.
Coming closures:
However, this state of affairs is reportedly soon set to change as a draft gaming bill currently making its way through the legislative process is destined to give such venues a three-year window to either abandon their previous business models or shut down. The list of shuttering ‘satellite’ casinos in Macau is purportedly soon set to furthermore include the Grand Emperor Hotel as well as all four operated by local enterprise Golden Dragon Group Company Limited.
Future finishes:
For its part and the Macau News Agency used a report of its own to explain that the former Portuguese enclave had been home to 18 ‘satellite’ casinos run under agreements with license holders SJM Holdings Limited, Galaxy Entertainment Group Limited and Melco Resorts and Entertainment Limited. It additionally divulged that this club is expected to shrink to as few as seven later in the year as operators come to terms with the tenets of the anticipated legislation.
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