Gov´t should extend gaming concessions by at least one year – SJM CEO
Thursday 20 de May 2021 / 06:12
⏱ 1 min read
(Macau).- The Macau SAR government should extend the current gaming concession by at least one year to allow for more time to collect the latest data and set the bidding standards and requirements for the new concessions, the Vice-Chairman and CEO of SJM, Ambrose So, stated to the Hong Kong Economic Journal.
The current six gaming concessions and sub-concessions are set to expire on June 2022 with authorities having so far indicated they will only carry out the required public consultation for the gaming law revision in the second half of this year with no indications if the gaming concessions would be extended.
Under article 13 of the Macau Gaming Law, the maximum term of a gaming concession is 20 years, but concession contracts can be extended by the Chief Executive one or more times up to a maximum of five years upon justifiable grounds.
Ambrose So considered that due to the Covid-19 pandemic overseas companies interested in bidding for a gaming concession would not be able to send personnel to visit Macau and put them at a disadvantage.
The SJM CEO also considered that the current concessionaires have made several contributions to the SAR during the last year by securing employment to local residents and extending the current concessions by at least one year would allow them to make more financial contributions, without any losses to the local government.
Any possible extension of the current concessions would likely have to announced in June of this year.
Categoría:Casino
Tags: Sin tags
País: Macao
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