Asia
Macau Casinos Pledge to Invest $15 Billion

Macau’s six casino operators pledged to invest nearly $15 billion as part of new 10-year contracts they signed to operate in the world’s biggest gambling hub, with the spending on non-gaming activities to exceed gaming spend by more than 10 times.
The signing of the contracts eases fears of investors and executives after a lengthy bidding process that had threatened to end one company’s run.
Macau’s leader Ho Iat Seng and officials including the city’s finance and economy secretary presided over the signing at Macau’s Government House together with top executives of the casino companies.
Incumbent operators Sands China, Wynn Macau, Galaxy Entertainment, MGM China, Melco Resorts and SJM Holdings beat off a surprise bid from Malaysia’s Genting to win the six licences on offer in the Chinese special administrative region.
The new contracts come into effect on Jan. 1, 2023.
Each casino head was invited to sit at a long red table alongside the government officials as they signed. The executives included Pansy Ho, the billionaire daughter of Macau’s gambling godfather Stanley Ho, and who heads MGM Resorts’ (MGM.N) Macau company MGM China.
The operators are expected to focus on non-gaming activities in the new term, particularly as Beijing is keen for Macau to diversify away from gambling and attract foreign tourists.
The total investment committed by the gaming companies for the development of non-gaming projects is 108.7 billion patacas ($13.57 billion), with the total investment in gaming projects 10.1 billion patacas, the city’s government said.
-
Africa4 days ago
South Africa is Leading the Call for Responsible Gambling in African Countries
-
Compliance Updates4 days ago
UK Gambling Commission Publishes Further Data on the Gambling Industry in Great Britain
-
Industry News4 days ago
Americas Online Gambling Market To Soon Eclipse Europe’s, Finds Vixio Forecasts
-
Baltics4 days ago
HIPTHER Confirms Exciting Networking Venues and Stage Themes for MARE BALTICUM Gaming & TECH Summit 2025
-
Asia3 days ago
SOFTSWISS Heads to SiGMA Asia 2025
-
Asia4 days ago
Xailient and Konami to Debut Privacy-Safe Biometric Innovation for Table Games at G2E Asia 2025
-
Latest News7 days ago
James O’Kelly Appointed Head of Corporate Development at SolutionsHub
-
Compliance Updates4 days ago
Darts Player Andy Jenkins Gets 11-year Ban for Match-fixing