Macau ‘satellite’ casinos facing an uncertain future
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Some Macau casinos have applied for permission to alter their operations in anticipation of coming regulatory changes. The changes are contained in the draft gaming bill currently making its way through the Legislative Assembly.
Macau is home to over 40 casinos run by Galaxy Entertainment Group, SJM Holdings, Melco Resorts and Entertainment Limited, MGM China Holdings Limited and Wynn Macau Limited. Some of these firms essentially sub-contract their gaming operations out to satellite partners who benefit by receiving a share of any revenues they generate.
The satellite casinos in Macau are to close from the end of this month. The reason is that their larger patron's ten-year gambling licenses will have expired.
Lei claims that it's up to the casino operations to decide whether they should close at the end of June. He claims the government will not make any further concessions to such enterprises.
Lei reiterated comments made on Monday by Macau’s Chief Executive, Ho Iat Seng, that the city intends to lower its previous aggregated gaming revenues forecast for 2022 by approximately 55% to something like $7.14 billion. This revision was purportedly disclosed after the enclave's combined casino receipts for the first five months of the year sequentially plummeted by some 44%.
