Authorities in Macau have confirmed that there will be no delays due to the pandemic in the renewal of casino licenses. Instead, they are pushing ahead with casino tenders with specifications for bidders being published next year.
Calls for delays
Recently, there were calls for the government to delay the publication of the specifications due to the COVID-19 pandemic. This is due to the impact that the pandemic had on the operators’ finances in this area.
According to reports, casino revenue in 2020 was down 81.4% year-on-year. This revenue loss has had a large impact on operators and affiliates in Macau. Many were seeking additional time to consider their next steps.
Specifications published next year
Lei Wai Nong, Secretary for the Economy and Finance noted that specifications for bidders will be published by the government next year. This is in the hope that Macau’s economy will be diversified going forward.
Secretary Nong said: “A single industry gives rise to a single source of employment. For this reason, we urgently need to foster the diversification of the economy in order to gradually overcome the problem of the predominance of a single industry.”
With 75% of the GDP in Macau generated from the gambling sector, this is something to be taken seriously. We expect next year to be an interesting one for the gambling sector in Macau. Make sure to look out for any specifications listed by the government for casino tender bidders going