{"id":232024,"date":"2022-09-14T14:20:06","date_gmt":"2022-09-14T19:20:06","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=232024"},"modified":"2022-09-15T12:41:13","modified_gmt":"2022-09-15T17:41:13","slug":"genting-stuns-gamng-world-by-entering-macau-re-tendering-fray","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/genting-stuns-gamng-world-by-entering-macau-re-tendering-fray\/","title":{"rendered":"Genting Shocker as Casino Company Throws Hat in Macau Ring"},"content":{"rendered":"

Genting Malaysia stunned the gaming industry with an 11th-hour bid to procure a Macau casino license.<\/p>\n

\"Genting
Resorts World Las Vegas, seen illuminated at night. Owner Genting is bidding for a Macau license. (Image: Resorts World Las Vegas)<\/figcaption><\/figure>\n

The submission period for new concessions in the special administrative region (SAR) closed today. Just hours before the deadline arrived, a woman representing an entity known as GMM delivered a proposal to the group tasked with evaluating bids for Macau gaming licenses.<\/p>\n

The woman, identified only as Mrs. Chen, confirmed GMM is tied to Genting Malaysia, naming Chairman and CEO Lim Kok Thay as the leader of the gaming company\u2019s surprise Macau effort.<\/p>\n

Mr. Lim Kok Thay wanted to come to Macau [to submit Genting\u2019s bid] but he couldn\u2019t come because of the pandemic,\u201d<\/strong> Chen told local media.<\/p><\/blockquote>\n

Genting, one of the dominant, large-scale integrated resort operators in the Asia-Pacific region, had some exposure to Macau via its control of Genting Hong Kong, which has a 50% stake in an entity known as Genting Macau. However, that company doesn\u2019t own a casino resort in the SAR.<\/p>\n

Genting Macau Bid Somewhat Surprising<\/h2>\n

Genting\u2019s decision to get involved in the Macau retendering process is surprising because the SAR\u2019s new gaming laws allow for six concessionaires<\/a> — the current amount operating there.<\/p>\n

\n

Those six are Galaxy Entertainment, Melco Resorts & Entertainment (NASDAQ: MLCO), MGM China, Sands China, SJM Holdings, and Wynn Macau. All of those companies submitted bids<\/a> to renew their Macau permits. Entering the retendering process, it was widely expected corporations beyond those six wouldn\u2019t get involved simply because that group is established in Macau and SAR regulators made clear just six concessions will be granted.<\/p>\n<\/div>\n

On the other hand, it can be argued that Genting entering the Macau competition isn\u2019t surprising. That’s because the Chinese territory is the obvious omission from the company\u2019s sprawling Asia gaming portfolio, which includes Resorts World Genting in Malaysia and Resorts World Sentosa, one of two integrated resorts in Singapore.<\/p>\n

Parent company Genting Bhd. also owns several US casinos, including Resorts World Las Vegas, the newest, most expensive property on the Strip.<\/p>\n

How Genting Could Enter Macau<\/h2>\n

Exactly how Genting can pull off a Macau license remains to be seen. Regulators there aren\u2019t signaling any willingness to expand beyond six concessions. It\u2019s also unclear whether they\u2019re willing to yank an established operator\u2019s license.<\/p>\n

If that is the course of action Macau authorities pursue — and there are no signs that will happen — it could make the three concessionaires with ties to US parents vulnerable, owing to frosty geopolitical relations between the US and China. <\/strong><\/p>\n

Those operators are MGM China, Sands China, and Wynn Macau. To be clear, Macau authorities haven’t overtly said any of the six current concessionaires are in danger of losing their permits.<\/p>\n

That leaves acquiring an established<\/a> Macau operator. Genting has the financial resources to do that, but it\u2019s also a matter of finding a willing seller. Galaxy and Sands China \u2013 the SAR\u2019s two largest operators \u2013 are unlikely sellers. Neither Melco, MGM China, nor Wynn Macau is positioned as targets. That leaves SJM Holdings, the most financially flimsy of the Macau operators. But it hasn\u2019t said it\u2019s for sale, and Genting hasn\u2019t said it\u2019s looking at dealmaking as an avenue for Macau entry.<\/p>\n","protected":false},"excerpt":{"rendered":"

Genting Malaysia stunned the gaming industry with an 11th-hour bid to procure a Macau casino license. The submission period for new concessions in the special administrative region (SAR) closed today. Just hours before the deadline arrived, a woman representing an entity known as GMM delivered a proposal to the group tasked with evaluating bids for […]<\/p>\n","protected":false},"author":46,"featured_media":232027,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,62],"tags":[81913,81897],"acf":[],"yoast_head":"\nGenting Stuns Gamng World By Entering Macau Re-Tendering Fray<\/title>\n<meta name=\"description\" content=\"Genting throws curveball, submits bid for Macau casino license.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/genting-stuns-gamng-world-by-entering-macau-re-tendering-fray\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Genting Stuns Gamng World By Entering Macau Re-Tendering Fray\" \/>\n<meta property=\"og:description\" content=\"Genting throws curveball, submits bid for Macau casino license.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/genting-stuns-gamng-world-by-entering-macau-re-tendering-fray\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-14T19:20:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-15T17:41:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/RWLV.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/genting-stuns-gamng-world-by-entering-macau-re-tendering-fray\/\",\"url\":\"https:\/\/www.casino.org\/news\/genting-stuns-gamng-world-by-entering-macau-re-tendering-fray\/\",\"name\":\"Genting Stuns Gamng World By Entering Macau Re-Tendering Fray\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/genting-stuns-gamng-world-by-entering-macau-re-tendering-fray\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/genting-stuns-gamng-world-by-entering-macau-re-tendering-fray\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/RWLV.jpg\",\"datePublished\":\"2022-09-14T19:20:06+00:00\",\"dateModified\":\"2022-09-15T17:41:13+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Genting throws curveball, submits bid for Macau casino license.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/genting-stuns-gamng-world-by-entering-macau-re-tendering-fray\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/genting-stuns-gamng-world-by-entering-macau-re-tendering-fray\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/genting-stuns-gamng-world-by-entering-macau-re-tendering-fray\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/RWLV.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/RWLV.jpg\",\"width\":1920,\"height\":1200,\"caption\":\"Resorts World Las Vegas. 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