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In Macau and Economy and Finance Secretary Lei Wai Nong (pictured) has reportedly announced that some local ‘satellite’ casino enterprises have officially applied for permission to ‘adjust their operations’ in anticipation of coming regulatory changes.
According to a report from Inside Asian Gaming, the legislator declared that a ‘small number’ of such operations have sought consent to alter the way they do business as the enclave is preparing to require ‘satellite’ casinos to be run on a management fee basis rather than under their current revenue sharing arrangements. The source detailed that this alteration is just one of many contained within the draft gaming bill currently making its way through the enclave’s Legislative Assembly.
Subordinate structure:
Macau is home to over 40 casinos run by Galaxy Entertainment Group Limited, SJM Holdings Limited, Melco Resorts and Entertainment Limited and MGM China Holdings Limited as well as the local Sands China Limited and Wynn Macau Limited subordinates of Las Vegas Sands Corporation and Wynn Resorts Limited respectively. However, some of these firms essentially sub-contract their gaming operations out to ‘satellite’ partners who benefit by receiving a share of any revenues they generate.
Terminal times:
Inside Asian Gaming reported that a selection of Macau’s ‘satellite’ casinos including all four being run by local enterprise Golden Dragon Group Company Limited as well as the operation inside the Grand Emperor Hotel are to close from the end of this month. This is purportedly due to the fact that their larger patron’s ten-year gambling licenses will have expired while subsequent six-month extensions are not thought to have included any properties not physically owned by the six concessionaires.
Legislative license:
In responding to local media enquiries and Lei reportedly disclosed that it was down to particular ‘satellite’ casino operations to decide whether they should close at the end of June. Nevertheless, the politician purportedly asserted that the government of the former Portuguese enclave would not be making any further concessions to such enterprises and now only requires them to commit to the coming management fee business model.
Lei reportedly stated…
“The retention or departure of ‘satellite’ casinos has no relation to the gaming law and is due to the economic impact caused by the coronavirus pandemic. Macau’s gaming business model of the past 20 years needs to be changed.”
Mediocre modification:
Lei reportedly furthermore reiterated comments made on Monday by Macau’s Chief Executive, Ho Iat Seng, that the city intends to lower its previous aggregated gaming revenues forecast for 2022 by approximately 55% to something like $7.14 billion. This revision was purportedly disclosed after the enclave’s combined casino receipts for the first five months of the year sequentially plummeted by some 44% to stand at about $2.94 billion.
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