[ad_1]
HONG KONG (Reuters) – The Macau government on Friday announced it has extended casino licenses to MGM China and SJM Holdings until 2022 in the world's largest gaming platform.
The two operators must pay 200 million patacas ($ 25 million) each for the extension, which aligns the expiration date of their casino operations with those of the other four Macau casino operators, said the government.
Shares of MGM China and SJM were suspended on Friday.
The expiration of casino licenses on the Chinese territory of Macau has been a major uncertainty for investors, executives and badysts, the government previously refusing to give information about the process.
Macau's casino operators, which also include Sands China, Wynn Macau, Galaxy Entertainment and Melco Resorts & Entertainment, will all have to apply for a license once their license expires in 2022. No details have been provided regarding the process.
The licensing situation will remain a surplus on the shares of the six operators well after the June 2022 deadline, said Grant Govertsen, an badyst at Union Gaming in Macao.
"We believe that extensions have more to do with the task of simplifying the ultimate task of license renewal, while ensuring the stability of the labor market."
Report by Farah Master; Edited by Himani Sarkar
Source link
