Macau casino licenses for MGM China, SJM extended to 2022 [Reuters]
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Source: Reuters
Macau casino licenses for MGM China, SJM extended to 2022 | Reuters 4 Min Read HONG KONG (Reuters) - Macau, the world’s largest gambling hub, has extended casino licenses for MGM China and SJM Holdings until 2022, bringing them on par with other operators, authorities in the Chinese territory said on Friday. The Macau government said the MGM and SJM’s licenses, set to expire in 2020, would be extended for another two years with both operators required to pay a one-off fee of 200 million patacas ($25 million). Shares in MGM jumped 10 percent while those in SJM rose over 5 percent after resuming trading following the announcement. The license extensions in the only part of China where casinos are allowed will give authorities more time to consider how to diversify the gambling-dependent economy. The expiry of the casino licenses had been a major concern for investors, company executives and analysts as the government had provided little information until now. Macau’s other operators, wh
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