Visitors look at a carousel at Wynn Palace hotel resort in Macau on December 16, 2022. (Photo by Eduardo Leal / AFP)
HONG KONG: Six Macau casino firms agreed to invest a total of 118.8 billion patacas (US$15bil/RM65.5bil) after being granted 10-year operating licences, with the bulk of the money pledged to non-gaming projects.
The former Portuguese colony is the only place in China where casinos are allowed, and issues just six operating concessions for a multi-billion-dollar industry that, until the pandemic hit, was bigger than Las Vegas. Macau has been keen to diversify away from gambling into tourism and leisure for decades, but with mixed results.
The government confirmed last month that the six incumbents all won licence renewals, beating back a surprise bid from a newcomer firm linked to Malaysian gaming and resorts giant Genting.
The casino firms promised to spend 108.7 billion patacas (RM60bil) – more than 90% of their investment total – on “exploring overseas customer markets and developing non-gaming projects”, the government said Friday.
Such projects would cover the “convention and exhibition business, entertainment and performances, sports events, culture and art, health care, and themed amusement”, the government added.
Macau’s leader Ho Iat-seng said he hoped the operators would contribute to Macau’s development and “deliver on their corporate social responsibilities regarding protection of local employment and promotion of upward mobility of local workers”. — Reuters
