The next concessions for gaming operators in Macau, will be awarded through a public tender, the Macau government announced in a statement.
The statement also said that the term of the concession for two casino operator had been extended until 26 June 2022.
The applications submitted by Sociedade de Jogos de Macau (SJM) and MGM Grand Paradise (MGM) for the extension of their terms were approved “after analysing and weighing several factors.”
The notice said that the law that sets out the legal regime for casino gaming operation outlined that, if a concession is awarded for a term of less than 20 years, the Government may, at any time and up to six months before of the end of the concession, authorise one or more extensions of the concession, provided that the total period does not exceed a maximum of 20 years.
“The Government has considered, in order to authorise the requests, that the standardisation of the terms of the concession contracts will benefit the preparatory work and development of the launch of the next public tender for games of chance or other casino game concession,” the notice said.
In exchange for the extension of the deadline, SJM and MGM are required to pay a single installment of 200 million patacas, which does not imply any exemption from the payment of the annual premium, the special tax on gambling, contributions or other duties stipulated by law.
The two gaming operators must also join the non-compulsory central pension scheme and provide a guarantee of labour credits within three months of the date of conclusion of the respective contracts. (Macauhub)