A company controlled by Malaysian tycoon and Genting chairman Lim Kok Thay (林國泰) has put in a bid for a casino license in Macau, a surprise challenge to the decades-long oligopoly of the six incumbent operators.
The former Portuguese colony is the only territory in China where casinos are allowed, and issues just six operating concessions for a multibillion-dollar industry that, until the COVID-19 pandemic, was bigger than Las Vegas.
Licenses for the operators that are already in Macau — including MGM China, Sands China and Galaxy Entertainment Group — expire at the end of the year, and they face plummeting revenues and heightened regulatory scrutiny from Beijing.
The six operators submitted bids by Wednesday to renew their licenses, but the spotlight was stolen by newcomer GMM.
A GMM representative told reporters that the bid was submitted on behalf of leisure and entertainment firm Genting, the Macao Daily reported.
Best known for its resort in the Malaysian highlands, Genting also operates in Las Vegas and Singapore, and backed a ski resort in China that hosted this year’s Winter Olympics.
Macau’s gaming sector has been battered by pandemic-era restrictions that drove away the mainland Chinese gamblers who make up the vast majority of customers.
Gross gaming revenue was down 98 percent from pre-pandemic levels and fell to a record low in July, officials said earlier.
Chinese President Xi Jinping (習近平) has spearheaded an anti-corruption campaign that has seen increased scrutiny of the high-rollers and officials who travel to gamble in Macau, where cases of money laundering are common.
For decades, Macau’s gaming industry was run as a monopoly by casino magnate Stanley Ho (何鴻燊), but in 2002 more operators were brought in and issued 20-year concessions as part of a liberalization effort.
In January, authorities slashed the concession period of gaming licenses from 20 years to 10, and unveiled regulations seeking to increase local ownership and government supervision.
GMM’s bid adds an element of uncertainty to the sector, which had been dominated by the same big players for decades.
In a research note, JPMorgan Chase analysts said that it was “unlikely” for Macau to prefer a new foreign operator over incumbents who have a track record in investment and local employment.
Republican US lawmakers on Friday criticized US President Joe Biden’s administration after sanctioned Chinese telecoms equipment giant Huawei unveiled a laptop this week powered by an Intel artificial intelligence (AI) chip. The US placed Huawei on a trade restriction list in 2019 for contravening Iran sanctions, part of a broader effort to hobble Beijing’s technological advances. Placement on the list means the company’s suppliers have to seek a special, difficult-to-obtain license before shipping to it. One such license, issued by then-US president Donald Trump’s administration, has allowed Intel to ship central processors to Huawei for use in laptops since 2020. China hardliners
Conjoined twins Lori and George Schappell, who pursued separate careers, interests and relationships during lives that defied medical expectations, died this month in Pennsylvania, funeral home officials said. They were 62. The twins, listed by Guinness World Records as the oldest living conjoined twins, died on April 7 at the Hospital of the University of Pennsylvania, obituaries posted by Leibensperger Funeral Homes of Hamburg said. The cause of death was not detailed. “When we were born, the doctors didn’t think we’d make 30, but we proved them wrong,” Lori said in an interview when they turned 50, the Philadelphia Inquirer reported. The
RAMPAGE: A Palestinian man was left dead after dozens of Israeli settlers searching for a missing 14-year-old boy stormed a village in the Israeli-occupied West Bank US President Joe Biden on Friday said he expected Iran to attack Israel “sooner, rather than later” and warned Tehran not to proceed. Asked by reporters about his message to Iran, Biden simply said: “Don’t,” underscoring Washington’s commitment to defend Israel. “We are devoted to the defense of Israel. We will support Israel. We will help defend Israel and Iran will not succeed,” he said. Biden said he would not divulge secure information, but said his expectation was that an attack could come “sooner, rather than later.” Israel braced on Friday for an attack by Iran or its proxies as warnings grew of
A prominent Christian leader has allegedly been stabbed at the altar during a Mass yesterday in southwest Sydney. Bishop Mar Mari Emmanuel was saying Mass at Christ The Good Shepherd Church in Wakeley just after 7pm when a man approached him at the altar and allegedly stabbed toward his head multiple times. A live stream of the Mass shows the congregation swarm forward toward Emmanuel before it was cut off. The church leader gained prominence during the COVID-19 pandemic, amassing a large online following, Officers attached to Fairfield City police area command attended a location on Welcome Street, Wakeley following reports a number