Wynn Macau Limited formally requests a new gaming concession for Macau
According to recent reports, the Asian casino operator Wynn Macau Limited has submitted an application for a new ten-year license. If granted, this license would provide the company with the legal authorization to keep providing gambling entertainment at both of its properties located in Macau until the year 2033.
According to a report published by Inside Asian Gaming, the company majority-owned by the American casino operator Wynn Resorts Limited has managed the 1,000-room Wynn Macau hotel since 2006. Around the same time, the company also launched its even bigger Wynn Palace Cotai venue. According to a piece of legislation that was just recently passed into law, the Hong Kong-listed company is now required to submit an application for a new ten-year concession if it wishes to continue providing gambling entertainment within these businesses after the month of December comes to an end. This information was provided by a source.
Nearly forty casinos are operated in Macau by a sextuplet that also consists of Galaxy Entertainment Group Limited, SJM Holdings Limited, MGM China Holdings Limited, Sands China Limited, and Melco Resorts and Entertainment Limited. Macau is home to practically all of these casinos. Allegedly, the initial gaming licenses for all of these businesses were let to lapse in late June; nevertheless, they were later given the opportunity to pay a premium to extend their validity for an additional six months; this extension will run out on December 31.
Ingress made for the first time:
According to Inside Asian Gaming, Wynn Macau Limited, through its subordinate Wynn Resorts (Macau) SA, has now become the first of Macau's "big six" casino-operating firms to publicly reveal its application for one of the new ten-year gambling licenses. This was accomplished by Wynn Macau Limited's use of the Wynn Resorts (Macau) SA. The same source went on to reveal that the five remaining operators are said to be extremely interested in following suit, despite the fact that they only have till tomorrow to officially submit their bids.
The competition has revealed:
Wilfred Wong, President of Sands China Limited, reportedly used an official filing on Saturday to declare that his company "will definitely submit" a new bid to the government of Macau "before the deadline" and is approaching "the final stages" of the process after a period of preparation. For his part, Mr. Wong stated that his company "will definitely submit" a new bid to the government of Macau "before the deadline."
Even though it recently racked up a first-half aggregated loss of approximately $458.45 million, which was brought on by a drop of almost 58% year-on-year in its accompanying gambling revenues to $282.71 million, Wynn Macau Limited is reportedly eager to remain in the Macau casino market. This is despite the fact that it recently racked up a loss of approximately $458.45 million. This disheartening total is reportedly a direct result of China's continuous dedication to a spectrum of coronavirus-related travel restrictions as well as a linked eleven-day closure that went through July 22. The shutdown began on July 15 and lasted till July 22.
It has been reported that Wynn Macau Limited's file has been read...
"On September 13, 2022, Wynn Resorts (Macau) SA, a wholly-owned subsidiary, presented a bid to the Macau government for the awarding of a ten-year gaming contract that would allow it to conduct casino gaming in Macau beginning on January 1, 2023. This bid was for the awarding of the contract. In accordance with the regulations that govern the listing of securities on the Stock Exchange of Hong Kong Limited, the business is planning to make additional announcements "as and when they are deemed suitable."
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