Macau Gives Existing Casinos New Licenses as Genting Loses Out [BNN Bloomberg (Canada)]
MGM Resorts International (MGM)
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Source: BNN Bloomberg
The committee in charge of the bidding of new licenses didn't specify how long the permits would last for, but said at a press conference on Saturday the government will discuss contract details with the winners later. The operators are Galaxy Entertainment Group Ltd., MGM China Holdings Ltd., Sands China Ltd., Wynn Macau Ltd., Melco International Development Ltd. and SJM Holdings Ltd. The announcement concludes a sweeping change to Macau's gambling industry that started in September last year, when authorities proposed new gaming regulations to strengthen government control over casino operations and crack down on junkets' role in soliciting high-rolling bettors from mainland China, where gambling remains illegal. The law was passed in June and the bidding process for new gaming licenses started at the same time, with existing ones due to expire by the end of the year. The decision to retain all existing operators eliminated a major uncertainty facing an industry hit by the do
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