Macau government officially accepts Genting Malaysia bid for casino concession: report
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A bid by Genting Malaysia subsidiary GMM S.A. for one of the six Macau gaming concessions being offered under the government’s public tender has been “definitively accepted”, according to a report from TDM-Rádio Macau.
All seven bidding companies, including GMM and all six current casino concessionaires, submitted their bids on 14 September, however only the current six had their bids immediately accepted with GMM’s bid only provisionally accepted at the time. No reason was given for the original decision.
However, TDM-Rádio Macau reported Tuesday that GMM has now also been definitively accepted with all bidding entities notified of the revised status last Friday. This means there will now be seven companies bidding for the six concessions on offer.
Genting Malaysia, owner and operator of Malaysia’s Resorts World Genting, confirmed it is the parent company of GMM S.A. in the days following its bid, stating that it was hopeful of win a new 10-year gaming concession for the operation of casino games of fortune in Macau.
“This represents an opportunity for Genting Malaysia to expand its business in the Leisure and Hospitality sector, diversify its geographical footprint and participate in the recovery prospects of the Macau SAR gaming segment,” it said at the time.
“Genting Malaysia will make appropriate announcements once there is more clarity on the company’s position in relation to its bid.”
Maybank IB analyst Samuel Yin Shao Yang subsequently suggested that, should GMM win one of the six concessions on offer, it would almost certainly lease Treasure Island Hotel Macau, located alongside Nam Van Lake, once construction is complete in December – just in time for the new concessions to kick in from 1 January 2022. Treasure Island was previously dubbed Resorts World @ Macau and is 37.5% owned by Genting Hong Kong – Genting’s cruise ship arm which is currently in liquidation.
