Macau signs pacts with 6 casino licensees, hot on the heels of easing Covid-19 quarantine rules
- The top executives of each of the six licensees are due to appear at a press conference on Saturday, when they will reveal their investments for the next 10 years
- The six casino concessionaires are expected to pour HK$100 billion into Macau over the next 10 years
Chief Executive Ho Iat-seng, Secretary for Administration and Justice Andre Cheong and Secretary for Economy and Finance Lei Wai Nong signed the concession agreements for the territory’s government, according to a live-stream of the proceedings by Macau Daily News.
The long-anticipated signing concludes a year-long jostling for the rights to operate gambling halls in the only place on Chinese soil where casinos are legal, coinciding with the relaxation of the draconian Covid-19 rules that have emptied the territory’s glitzy casinos since 2020 and left a tax hole in Macau’s finances.
The top executives of each of the six concessionaires are scheduled to appear at a press conference on Saturday, where they will take turns to present their investment and expenditure plans during their licensing period. High up on their priorities will be ideas to maintain jobs, promote tourism, enhance entertainment and conferences to help the city diversify its economy from gambling, according to the requirements of their tender.
The casino operators will pour 118.8 billion patacas (US$14.8 billion) between them into Macau under their contract obligations. Venetian will invest the most with 30.24 billion patacas, while Melco the least at 11.8 billion patacas.
