Macau’s economy is heavily skewed towards casinos with over 80 percent of taxes coming from glitzy gambling halls. Shares in MGM jumped 10 percent while those in SJM rose over 5 percent after resuming trading following the announcement. The expiry of the casino licences had been a major concern for investors, company executives and analysts as the government had provided little information until now. "We believe the extensions have more to do with making the ultimate task of the licence rebid situation easier, while at the same time making sure the labour market remains stable," he said. All operators must take preventive measures against crimes of money laundering and terrorist financing, suspicious transactions must be reported, negligence is punishable and administrative offences carry hefty fines. The Secretary for Security, Mr Wong Sio Chak, attends a plenary session of the Legislative Assembly, which holds a first reading and a vote on a bill to amend the Law No. China’s government has issued strict warnings to the former Portuguese colony that it must diversify away from gambling. Policy and regulatory changes are in focus with the election this year of a new leader in the special administrative region, who will work with mainland authorities for the next five years. The two likely contenders are Ho Iat Seng, president of Macau’s Legislative Assembly, and Lionel Leong, the secretary for economy and finance, which oversees the gaming industry.
With no information on the rebidding process, the licence situation will likely hang over the shares of the six operators, said Grant Govertsen, an analyst at Union Gaming in Macau. In 2013, 35 casinos generated USD $45 billion (HKD $348.9 billion) in gross gambling wins.
Many of these local casino operators have been publicly jockeying for a licence, with analysts and executives speculating that the government may permit additional licences to the existing six operators.
Macau’s six casino operators are likely to retain their licences, but the government is likely to impose extra economic conditions, according to an analysis of potential outcomes of the concession renewal process by Bernstein Research. HONG KONG, March 15 (Reuters) - Macau, the world's largest gambling hub, has extended casino licences for MGM China and SJM Holdings until 2022, bringing them on par with other operators, authorities in the Chinese territory said on Friday.
As they are the only jurisdiction of Chinese sovereignty with legal casino gambling, Macau attracts most of its visitors from Chinese jurisdictions including mainland China, Hong Kong and Taiwan. The additional 25-month extension of MGM Resorts’ gaming license is a huge signal that the Las Vegas casino company will operate in Macau throughout the 2020’s. The two likely contenders are Ho Iat Seng, president of Macau's Legislative Assembly, and Lionel Leong, the secretary for economy and finance, which oversees the gaming industry. China Plaza, 21st Floor, Macau, Macau 762-804. ($1 = 8.0750 patacas) (Reporting By Farah Master; Editing by Himani Sarkar and Darren Schuettler), Tip: Try a valid symbol or a specific company name for relevant results, Singapore markets open in 6 hours 3 minutes, Why people pay hundreds of dollars to eat on grounded planes. The Gaming Inspection and Coordination Bureau (DICJ), provides guidance and assistance to the Chief Executive of Macao SAR on the definition and execution of the economic policies for the operations of the casino games of fortune or other ways of gaming, Pari-Mutuels and gaming activities offered to the public. Initially concessions were given to Wynn, a Galaxy-Sands team and SJM. Work from home: Workers called 'greedy,' 'petty' for expecting companies to pay for expenses, Twitter raps Trump COVID-19 adviser as U.S. cases rise, China's revamped law bans online services that 'induce addiction' in kids. Macau’s government has extended the gambling licenses of SJM Holdings and MGM China Holdings by two years, putting them on equal footing with four other casino …
Macau is the second Special Administrative Region of the People’s Republic of China and lies to the West of Hong Kong. The reason for this extension was to bring those two operators onto the same license expiry timelines as the four other major concessionaires in the city. HONG KONG (Reuters) - Macau, the world’s largest gambling hub, has extended casino licences for MGM China and SJM Holdings until 2022, bringing them on par with other operators, authorities in the Chinese territory said on Friday.
The Macau government said the MGM and SJM’s licences, set to expire in 2020, would be extended for another two years with both operators required to pay a one-off fee of 200 million patacas (£18.88 million). Regulation is in accordance to the norms enforced by the Special Administrative Region of Macau, and omissions are governed by the legislation enforced by the same Special Region. Leasehold – what is it and how is it different between condo and HDB? This former Portuguese colony has been referred to as the “Monte Carlo of the Orient” or the “Las Vegas of the East”. The likes of the Wynn and The Venetian have become entertainment palaces, rather than just gambling dens, relaxing their rules and their dress codes in the process. After Galaxy and Sands failed to reach an operational agreement, they split up with the government awarding Sands a subconcession licence. See here for a complete list of exchanges and delays. Our Standards: The Thomson Reuters Trust Principles. Macau’s license extensions. The DICJ has the authority to issue and suspend licences should the licensee not adhere to the legal and contractual obligations set out in the contracts. SJM Holdings has multiple third party casino operators under its licence which run independent properties. 17/2009 Prohibition of the Production, Trafficking and Consumption of Illicit Drugs and Psychotropic Substances; a bill to amend the Law No. Macau is marking 20 years since its handover from Portuguese rule, with a slowing mainland economy, a weaker yuan and China's trade war with the United States threatening to derail growth. Many of these local casino operators have been publicly jockeying for a licence, with analysts and executives speculating that the government may permit additional licences to the existing six operators. Macau is marking 20 years since its handover from Portuguese rule, with a slowing mainland economy, a weaker yuan and China’s trade war with the United States threatening to derail growth. Currently no foreign providers have been allocated online gaming licences.
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