This extension was first announced in March.
The six licences – for three concessionaires and three subconcessionaires – were set to expire at the end of this week (26 June).
The concessionaires are SJM, Wynn and Galaxy Entertainment, while the three subconcessionaires are Sands China, Melco and MGM China.
Each of the operators must pay up to MOP47m (£4.7m/€5.5m/$5.8m) to Macau’s government upon signing the extension agreement.
Following the passing of an amended version of Macau’s Gambling Act, the region’s Legislative Assembly has scrapped subconsessions. Instead, the number of concessions have doubled to six, meaning that the amount of licensed operators will remain the same.
In practice, the difference between concessionaires and subconcessionaires is limited.
The bill will also see casino revenue tax rise to 40%, but Macau’s chief executive will be able to decrease this by up to 5% if the operator can bring in gamblers that are not from mainland China.
This week, a number of entertainment venues and restaurants at resorts in Macau have closed amid a new outbreak of Covid-19. However, for now casinos themselves remain open.
Original article: https://igamingbusiness.com/macau-officially-extends-gaming-licences-by-6-months/
