Macau is home to 41 casinos, and every single one of them is up for a license renewal that could change the future of Asia's Las Vegas
that of the Las Vegas Strip, it's not hard to see why Macau is often called the"Las Vegas of Asia." The tiny island in the South China Sea known for its glitzy casinos and shopping malls. Macau's GDP in 2019 stood at $55.19 billion, of which $36 billion came from gaming revenues. The GDP starkly dropped to $29.
On June 26, the gaming licenses expired for Macau's six major casino operators: Galaxy Entertainment, Melco Resorts & Entertainment, MGM China, Sands China, SJM Resorts, and Wynn Macau. Collectively, these six operators manage each of Macau's 41 casinos. They were granted a short extension until December 31 to accommodate the bidding process, according to a June 23
from Inside Asian Gaming, or IAG. Without a gaming concession, these venues will not be allowed to operate in Macau.it had requested a 10-year gaming concession contract from the Macau government. If approved, the license will start on January 1, 2023. Wynn was the first casino to publicly announce its application.
DS Kim, a research analyst for JPMorgan, wrote in a note on September 13 that the participation of all six incumbents is a"given" as the licensing extension draws to a close. Kim added that the government is likely to announce the six winners by the end of the year. The extension of the operating license to December cost each casino Macanese pataca 47 million, or $5.7 million, per the IAG report. This expense is a drop in the water for the casinos, but it comes at a time when casinos have bled red for months. Revenues have come under pressure from
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