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Genting Malaysia still harbours Macau ambitions

Wednesday 30 de November 2022 / 07:54

⏱ 1 min read

(Macau).- Genting Malaysia may consider a joint venture to make a comeback despite having lost out to the six incumbent gaming companies, investment bank JP Morgan said in a note.

Genting Malaysia still harbours Macau ambitions

Analyst DS Kim explained in a recent note that GMM would resort to an equity or joint venture investment if prices were “right” and they managed to obtain approval from the local government.

The surprise bidder was ranked the lowest by the panel of government officials responsible for tendering, due to a lack of experience in the local gaming industry.

Andre Cheong Weng Chun, chairman of the tendering committee, told media last Saturday that final scores would not be made public until next month, when agreements on 10-year gaming concessions are signed in time for the casino licence to become effective on the first day of next year.

Earlier this month, it was reported that future gaming concessionaries had been ordered by the government to fork out a combined MOP100 billion (US$12.5 billion) over a span of 10 years, with Galaxy Entertainment Group and Sands China to invest more than MOP20 billion (US$2.5 billion) each, and the other four with smaller market shares to contribute nearly MOP15 billion (US$1.88 billion) each.

The JP Morgan analyst estimated that each of them could contribute somewhere between US$2 billion to US$3 billion over the next decade, an amount he said was “fairly reasonable”.

By Aries Un

Categoría:Casino

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País: Macao