A company related to the president of Macau and Asia’s leading gambling company Genting Malaysia has reportedly applied for one of the region’s upcoming 10-year casino licenses.
According to a report by Inside Asian Gaming, Macau is home to nearly 40 casinos run by six companies, including MGM China Holdings Limited, Wynn Macao Limited, SJM Holdings Limited, Sands China Limited, Galaxy Entertainment Group Limited and Melco Resorts and Entertainment Limited. However, the sources explained that the companies’ official concessions are due to expire at the end of December and that all companies have filed applications for new licenses that could potentially be legitimate by the end of 2033.
A company called GMM Limited reportedly closed on Wednesday in a surprise move to submit an application for a casino license to obtain official permission to gamble in Macau. The enigmatic candidate is said to be dominated by Malaysia’s chairman and CEO, Lim Kok Thay, and now hopes the government’s selection committee will put one of the region’s existing operators first to ignite the bid.
Kuala Lumpur-listed Genting Malaysia Berhad is reportedly responsible for the 1,800-room Resort World Sentosa property in Singapore and a large global casino resort site, including the development of its home country’s much larger Resort World Genting. The company is further behind its gambling-friendly Newport World Resort facility in the Philippines, but will reportedly face Macau’s current companies that have invested more than $50 billion locally over the past two decades.
Inside Asian Gaming reported that little is known about GMM Limited’s exact ownership structure, but the company listed Lim as manager, along with President Li Chongyan of Berhad, Genting Malaysia, and its chief financial officer, Kopoyong. Despite these prestigious firepower, JPMorgan analysts Lively Liu and DS Kim said the recent bankruptcy of their parent company, Genting Hong Kong Limited Cruise Line, may not bode well for the possibility of acquiring a Macau casino license.
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“In short, we’d be surprised if any of the six current employees lost their credentials for the next term.”