January 17, 2022 Casino, Legal, Land Based

Macau’s operators welcome gaming industry bill

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Operators are optimistic this will contribute to long-term development and prosperity.

Six of Macau’s gaming operators have issued separate statements welcoming the gaming industry amendment bill.

The bill was announced last week by Secretary for Administration and Justice André Cheong Weng Chon.

It provides both clarity and details on the overall direction and timetable, as well as improving the relevant content of the current gaming law, according to MGM China.

Citi raised target prices on the six Macau casino operators by 8% to 14%, following the government's clarification on the revisions in gaming law.

Galaxy Entertainment Group’s (GEG) statement read: “Galaxy Entertainment Group welcomes the bill. GEG will proactively support the related work of the Macao SAR Government, as well as the gaming industry’s sustainable and healthy development, to contribute to Macau’s long-term prosperity.”

Melco Resorts and Entertainment insisted in the development of the integrated tourism and leisure industry, adding that it is committed to participating in the public tender of the award of a gaming concession.

Sands China said it is optimistic about the future of Macau’s IR industry and it would fully cooperate with the Government to support passing the bill.

The market value of US casino operators, including Sands China, Wynn Macau, MGM China and Melco, gained as much as HK$43.23bn ($5.55bn in Hong Kong), following the announcement.

SJM Resorts considers the bill to be an improvement to the existing gaming law, with details on the proposed amendments and clear guidelines that would benefit the gaming industry in Macau.

Wynn Resorts said it believes the enhancement of the regulations would significantly improve and strengthen the long-term development of Macau. It also added that it’s looking forward to working with the Government and actively participating in the public tender process.

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