Malaysian Billionaire Makes Bid for Macau Casino License
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Lim Kok Thay, chairman of Malaysia's Genting Group, is a bidder for a Macau casino license. GMM Limited, led by Thy, submitted the bid just hours before the window closed at 5:45 pm local time.
Genting has applied for a gaming license in Macau. The existing concessionaires all submitted applications before GMM's entrance. iGamiX, a consultancy company in the gaming industry focused on Asia, was not surprised by the billionaire’s application. Genting is the only global gaming operator with footprints in Malaysia, Singapore, Philippines, UK, US, Bahamas and the high seas.
The six current Macau casino operators' licenses are up for renewal at the end of the year. The government will make a decision by the middle of this year on which company will be chosen for the next ten-year concession. The stakes for concessionaires were upped this summer. Each company was required to have a minimum capital of 5bn patacas ($618.9m) and a permanent Macao resident with at least 15% of capital.
