The Macau gambling scene seems to be going through a tough period. This year began with a decrease in gross gaming revenue (GGR), compared to the same time last year. For the upcoming months, casino analysts predict flat or a decrease in revenues. However, all these problems didn’t discourage the Suncity operator from being interested in Macau’s betting scene. The company has revealed an interest in casino concession, with plans to make a move in 2022.
Expectations
Commenting on the company’s plans, Suncity Chief Investment Officer, Andrew Lo Kai Bong said:
“If there is a chance, Suncity Group would love to try to get into the bidding for a concession. That chance may or may not come, as Macau has yet to decide whether or not to allow additional concessions, a point Lo recognized in the interview. Up to now, there are some rumors, but we have not yet seen any official news about this."
Present Situation
At the moment, there are six licensed operators in Macau. All these licenses will expire in 2022. According to some speculations, the expected number of operators after this period will be only three. Macau officials didn't speak on this topic, but the local gaming industry will probably remain without certain operators. The reasons for this include the present market saturation as well as a desire for diversification. For many years before, Macau has been seen as a gaming destination which is obviously not the priority anymore.
Announcements
On this occasion, Lionel Leong Vai Tac, Macau Secretary for Economy and Finance said:
“There will possibly be some latitude coming in 2022 when the concessions expire. Instead of granting new casino-only concessions, any new endeavors, if allowed, would have to offer additional non-gaming options in order to be appealing to a wider market.”
Suncityˈs CIO Andrew Lo added:
“We have a good partnership with all the six licensees. As long as we can reach their requirements, which is the minimum rolling per table set by each licensee, I think we still can be in good shape as a partner.”
About Suncity
The Group represents one of the leading entertainment companies in Asia. It works by the motto, “Innovation with diversity, strives for success” and continues offering high-quality services to customers. The company covers several operational fields including tourism, event planning, luxury goods, finance, real estate, and film production.
Source:
“Suncity wants in on Macau's gambling scene”, Erik Gibbs, calvinayre.com, calvinayre.com, May 23, 2019.
