Shares of casino operators including MGM Resorts (MGM), Las Vegas Sands (LVS), Wynn Resorts (WYNN), and Melco Resorts and Entertainment (MLCO) were on an upswing in pre-market trading on Monday as Macau renewed the casino licenses of six operators tentatively.
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Besides the above operators, the other two casino players whose licenses were renewed included Galaxy Entertainment Group and SJM Holdings Ltd.
The renewal of these licenses will be followed by further negotiations regarding the final terms of the contracts which should be finished by the end of December. These licenses are likely to be effective from January 1, 2023.
A main consideration for the Macau Government while going through the bid proposals was that the bids should include detailed plans for the development and expansion of non-gambling product offerings including theme parks, concert venues, and sports stadiums.
