Gaming license bidders expected by Gov´t to boost new non-gaming investments – Credit Suisse
Thursday 13 de October 2022 / 07:14
⏱ 1 min read
(Macau).- The Macau SAR Government has reportedly demanded that gaming concession contenders expand their investment in non-gaming offerings in their proposals as they failed to see eye to eye with tendering officials on proposed spending, according to global investment bank Credit Suisse.
The bank’s analysts Kenneth Fong, Lok Kan Chan, and Sardonna Fong said in a note yesterday that the tendering process appeared to be not “straightforward as expected”, explaining that local authorities had asked each of the bidding companies to come up with more non-gaming investments during their one-on-one meetings in the last week of September.
As the Suisse team pointed out, some of the planned extensions to the casino operators’ existing projects are considered by the government to be part of prior licence commitments. “The government is looking for something more in this rebidding,” read the note. “Besides investment amount, the operators also need to provide a clear spending timetable.”
However, the government’s expectations are likely to be another turn of the screw for the casino operators, which have already taken a hit from the ongoing Covid-19 pandemic financially. “An increase in investment commitment would inevitably put more stress into the already stretched balance sheet of certain operators, as well as lowering the long-term margin for the sector, in our view,” the analysts was quoted by GGRAsia as saying.
The city’s losing streak has no end in sight since the onset of the Covid-19 pandemic, with its 2021 gross gaming revenue down over 65 per cent compared to the pre-Covid level in 2019, standing at about MOP86.9 billion (US$ 10.74 billion).
By Aries Un
Categoría:Gaming
Tags: Sin tags
País: Macao
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