{"id":248299,"date":"2022-12-16T09:37:01","date_gmt":"2022-12-16T15:37:01","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=248299"},"modified":"2022-12-16T10:01:18","modified_gmt":"2022-12-16T16:01:18","slug":"macau-casinos-sign-10-year-gaming-contracts-to-invest-15b","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/macau-casinos-sign-10-year-gaming-contracts-to-invest-15b\/","title":{"rendered":"Macau Casinos Sign New 10-Year Gaming Contracts, Pledge to Invest Nearly $15B"},"content":{"rendered":"<p class=\"p1\">The Macau casino industry is set for at least another 10 years. That&#8217;s after the Chinese Special Administrative Region (SAR) signed new contracts with its six operators.<\/p>\n<figure id=\"attachment_248308\" aria-describedby=\"caption-attachment-248308\" data-style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-248308\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/FkFvHbhaEAEc0NZ.jpg\" alt=\"Macau casinos licenses China COVID-19 coronavirus\" width=\"1200\" height=\"788\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/FkFvHbhaEAEc0NZ.jpg 1200w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/FkFvHbhaEAEc0NZ-858x563.jpg 858w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/FkFvHbhaEAEc0NZ-430x282.jpg 430w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/FkFvHbhaEAEc0NZ-194x128.jpg 194w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption  id=\"caption-attachment-248308\"class=\"text-description\">Wynn Macau in downtown Macau. The six casino operators in the region have officially signed new 10-year licenses that allow them to continue running games of fortune in the Chinese enclave through 2033. (Image: Twitter)<\/figcaption><\/figure>\n<p class=\"p1\">Las Vegas Sands, Galaxy Entertainment, Melco Resorts, Wynn Resorts, MGM Resorts, and SJM Resorts are the six chosen entities that will be allowed to operate games of fortune in the enclave from Jan. 1, 2023, through at least Dec. 31, 2033. Seven companies bid for the six permits, with outsider Genting Malaysia being the lone rejection.<\/p>\n<div class=\"callout\">\n<p class=\"p1\">Macau Chief Executive Ho Iat Seng signed the fresh tenders on Friday with representatives from each of the six licensees. Macau&#8217;s top government official thanked the six gaming operators for their efforts over the past three years to maintain employment throughout the pandemic. Their casinos have been vacant of meaningful visitor traffic nearly since the onset of the COVID-19 pandemic.<\/p>\n<\/div>\n<p class=\"p1\">The casinos kept as many people on their payrolls as possible at the request of the local government. Macau&#8217;s casino industry is the economic lifeline of the area. The gaming sector is also the region&#8217;s largest employer.<\/p>\n<h2 class=\"p1\"><b>Concession Conditions<\/b><\/h2>\n<p class=\"p1\">As previously announced, Macau is requiring that a local executive control at least 15% of the licensee under the next regulatory arrangement. Previously, each licensee was required to have 10% local ownership.<\/p>\n<p class=\"p1\">Macau is additionally requiring that each company invest heavily in non-gaming projects. At the direction of Beijing, Macau has been encouraged to diversify its economy away from gaming.<\/p>\n<div class=\"callout\">\n<p class=\"p1\"><i>Casino.org <\/i>reported recently that Macau would require the <a href=\"https:\/\/www.casino.org\/news\/macau-casino-concession-terms-to-be-revealed\/\">six casino firms to collectively invest<\/a> between MOP100 billion (US$12.5 billion) to MOP160 billion (US$20 billion) during their 10-year concessions. Today, Macau officials confirmed that the official investment number is MOP118.8 billion (US$14.82 billion).<\/p>\n<\/div>\n<p class=\"p1\">Macau said the bulk of the budget must go toward noncasino investments. The local government has ordered that MOP108.7 billion (US$13.6 billion) &#8212; or more than 91% &#8212; be allocated toward nongaming improvements.<\/p>\n<blockquote class=\"main-blockquote\">\n<p class=\"p1\"><strong>What we hope is that the development of non-gaming projects can consolidate Macau&#8217;s position as a world center of tourism and leisure, while also support our gaming industry,&#8221;<\/strong> said Macau Secretary for Administration and Justice Andr\u00e9 Cheong Weng Chon.<\/p>\n<\/blockquote>\n<p class=\"p1\">Cheong added that the gaming operators have until September 2023 to inform the local government as to how the licensee plans to satisfy the capital spending mandate. Macau didn&#8217;t break the spending down by operator.<\/p>\n<h2 class=\"p1\"><b>Business Rebound<\/b><\/h2>\n<p class=\"p1\">Investing nearly $15 billion into their resorts in exchange for fresh 10-year operating privileges would have been a no-brainer for the casinos prior to the pandemic. The six gaming giants jointly won $36.5 billion on their gaming floors in 2019.<\/p>\n<p class=\"p1\"><strong>But China&#8217;s &#8220;zero-COVID&#8221; response to the pandemic has kept normal life on pause for more than three years. The policy has cost Macau&#8217;s gaming companies greatly.<\/strong><\/p>\n<p class=\"p1\">Gross gaming revenue in 2020 dropped to $7.5 billion &#8212; the region&#8217;s worst year since 2006. GGR improved to $10.8 billion in 2021, but has since retracted this year.<\/p>\n<p class=\"p1\">Macau casinos have been bleeding cash throughout, as the glitzy multibillion-dollar integrated resorts the companies operate cost millions of dollars a day to maintain. The <a href=\"https:\/\/www.casino.org\/news\/macau-stocks-could-be-ready-for-pullback-after-strong-run\/\">outlook for the industry<\/a> depends profoundly on how China proceeds with the coronavirus in the coming months and years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Macau casino industry is set for at least another 10 years. That&#8217;s after the Chinese Special Administrative Region (SAR) signed new contracts with its six operators. Las Vegas Sands, Galaxy Entertainment, Melco Resorts, Wynn Resorts, MGM Resorts, and SJM Resorts are the six chosen entities that will be allowed to operate games of fortune [&hellip;]<\/p>\n","protected":false},"author":25,"featured_media":248308,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,81881],"tags":[82061,80969,51],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Macau Casinos Sign New 10-Year Gaming Contracts, To Invest $15B<\/title>\n<meta name=\"description\" content=\"The Macau casino industry is set for another 10 years after the Chinese region signed new contracts with its six operators.\" \/>\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\/macau-casinos-sign-10-year-gaming-contracts-to-invest-15b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Macau Casinos Sign New 10-Year Gaming Contracts, To Invest $15B\" \/>\n<meta property=\"og:description\" content=\"The Macau casino industry is set for another 10 years after the Chinese region signed new contracts with its six operators.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/macau-casinos-sign-10-year-gaming-contracts-to-invest-15b\/\" \/>\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=\"2022-12-16T15:37:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-16T16:01:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/FkFvHbhaEAEc0NZ.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"788\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Devin O&#039;Connor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CasinoorgDevinO\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Devin O&#039;Connor\" \/>\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\/macau-casinos-sign-10-year-gaming-contracts-to-invest-15b\/\",\"url\":\"https:\/\/www.casino.org\/news\/macau-casinos-sign-10-year-gaming-contracts-to-invest-15b\/\",\"name\":\"Macau Casinos Sign New 10-Year Gaming Contracts, To Invest $15B\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/macau-casinos-sign-10-year-gaming-contracts-to-invest-15b\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/macau-casinos-sign-10-year-gaming-contracts-to-invest-15b\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/FkFvHbhaEAEc0NZ.jpg\",\"datePublished\":\"2022-12-16T15:37:01+00:00\",\"dateModified\":\"2022-12-16T16:01:18+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/02b4fee8814a4003903b0021bffb4ebf\"},\"description\":\"The Macau casino industry is set for another 10 years after the Chinese region signed new contracts with its six operators.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/macau-casinos-sign-10-year-gaming-contracts-to-invest-15b\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/macau-casinos-sign-10-year-gaming-contracts-to-invest-15b\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/macau-casinos-sign-10-year-gaming-contracts-to-invest-15b\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/FkFvHbhaEAEc0NZ.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/FkFvHbhaEAEc0NZ.jpg\",\"width\":1200,\"height\":788,\"caption\":\"Wynn Macau in downtown Macau. The six casino operators in the region have officially signed their new 10-year licenses that allows them to continue running games of fortune in the Chinese enclave through 2033. 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Contact Devin at devin.oconnor@casino.org.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/devinoconnor\/\",\"https:\/\/x.com\/CasinoorgDevinO\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/devin-oconnor\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Macau Casinos Sign New 10-Year Gaming Contracts, To Invest $15B","description":"The Macau casino industry is set for another 10 years after the Chinese region signed new contracts with its six operators.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/macau-casinos-sign-10-year-gaming-contracts-to-invest-15b\/","og_locale":"en_US","og_type":"article","og_title":"Macau Casinos Sign New 10-Year Gaming Contracts, To Invest $15B","og_description":"The Macau casino industry is set for another 10 years after the Chinese region signed new contracts with its six operators.","og_url":"https:\/\/www.casino.org\/news\/macau-casinos-sign-10-year-gaming-contracts-to-invest-15b\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2022-12-16T15:37:01+00:00","article_modified_time":"2022-12-16T16:01:18+00:00","og_image":[{"width":1200,"height":788,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/FkFvHbhaEAEc0NZ.jpg","type":"image\/jpeg"}],"author":"Devin O'Connor","twitter_card":"summary_large_image","twitter_creator":"@CasinoorgDevinO","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Devin O'Connor","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/macau-casinos-sign-10-year-gaming-contracts-to-invest-15b\/","url":"https:\/\/www.casino.org\/news\/macau-casinos-sign-10-year-gaming-contracts-to-invest-15b\/","name":"Macau Casinos Sign New 10-Year Gaming Contracts, To Invest $15B","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/macau-casinos-sign-10-year-gaming-contracts-to-invest-15b\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/macau-casinos-sign-10-year-gaming-contracts-to-invest-15b\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/FkFvHbhaEAEc0NZ.jpg","datePublished":"2022-12-16T15:37:01+00:00","dateModified":"2022-12-16T16:01:18+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/02b4fee8814a4003903b0021bffb4ebf"},"description":"The Macau casino industry is set for another 10 years after the Chinese region signed new contracts with its six operators.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/macau-casinos-sign-10-year-gaming-contracts-to-invest-15b\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/macau-casinos-sign-10-year-gaming-contracts-to-invest-15b\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/macau-casinos-sign-10-year-gaming-contracts-to-invest-15b\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/FkFvHbhaEAEc0NZ.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/FkFvHbhaEAEc0NZ.jpg","width":1200,"height":788,"caption":"Wynn Macau in downtown Macau. The six casino operators in the region have officially signed their new 10-year licenses that allows them to continue running games of fortune in the Chinese enclave through 2033. 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Devin's passion for politics and background in the world of pop culture television gives him insight into the gaming industry backstories that often drive news these days. After graduating from Penn State University with a theater arts degree, he worked at MTV Networks\/Viacom from 2005 to 2010 as a writer and producer. His credits included Total Request Live, New Year's Eve specials, and a special featuring poker superstar Daniel Negreanu. He later moved on to the HGTV\/DIY Network, where he created, wrote, and produced three series specials: That's So House Hunters, That's So 80s, and That's So 90s. Devin came on board with Casino.org in 2014. He lives in Pennsylvania and is an avid marathoner, having completed 15 races. 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