- COP29 fight looms over climate funds for developing world
- Shanghai stocks soar to extend stimulus rally amid Asia-wide drop
- Will Tesla's robotaxi reveal live up to hype?
- 'Invisibility' and quantum computing tipped for physics Nobel
- Oil prices extend gains on Mideast tensions, Wall Street falls
- 'Dark day': Victims mourned around the globe on Oct. 7 anniversary
- Mission to probe smashed asteroid launches despite hurricane
- Oil prices extend gains on Mideast tensions, Wall Street slips
- Europe's asteroid mission Hera launches despite hurricane
- Oil prices extend gains on Mideast tensions, Wall Street retreats
- What is microRNA? Nobel-winning discovery explained
- Weather may delay launch of mission to study deflected asteroid
- China to flesh out economic stimulus plans after bumper rally
- Asian markets track Wall St rally on US jobs data
- World marks anniversary of Oct. 7 attack on Israel
- Asian markets track Wall St rally on jobs data
- Cancer, cardiovascular drugs tipped for Nobel as prize week opens
- Tunisia incumbent Saied set to win presidential vote: exit polls
- 'Difficult day': Oct 7 commemorations begin with festival memorial
- Commemorations begin for anniversary of attack on Israel
- Tunisia voting ends as Saied eyes re-election with critics behind bars
- Drowned by hurricane, remote N.Carolina towns now struggle for water
- Two elephants die in flash flooding in northern Thailand
- Tunisia votes with Saied set for re-election
- Too hot by day, Dubai's floodlit beaches are packed at night
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Italy targets climate activists in 'anti-Gandhi' demo clampdown
- US trade chief defends tariff hikes when paired with investment
- EU court blocks French ban on vegetable 'steak' labelling
- Meta AI turns pictures into videos with sound
- US dockworkers return to ports after three-day strike
- DR Congo to begin mpox vaccination campaign Saturday in east
- Meta must limit data use for targeted ads: EU court
- Oil extends gains, jobs report lifts Wall Street
- US hiring soars past expectations in sign of resilient market
- As EU targets Chinese cars, European rivals sputter
- Top EU court finds against FIFA in key transfer market ruling
- Oil extends gains, Hong Kong stocks resume rally
- 'A man provides': Ukrainian miners send families away as Russia advances
- EU states greenlight extra tariffs on EVs from China
- Hong Kong stocks resume rally, oil dips after Middle East-fuelled surge
- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
RBGPF | -1.97% | 58.94 | $ | |
BCC | 1.68% | 141.27 | $ | |
JRI | -0.76% | 13.18 | $ | |
CMSD | -0.09% | 24.79 | $ | |
CMSC | -0.53% | 24.57 | $ | |
GSK | -0.49% | 38.63 | $ | |
AZN | -0.78% | 76.87 | $ | |
SCS | -0.15% | 12.95 | $ | |
RELX | -0.54% | 46.04 | $ | |
RIO | -0.11% | 69.62 | $ | |
NGG | -1.56% | 65.48 | $ | |
RYCEF | -1.45% | 6.88 | $ | |
BCE | -0.54% | 33.53 | $ | |
BTI | -0.26% | 35.2 | $ | |
VOD | 0.31% | 9.69 | $ | |
BP | 0.78% | 33.14 | $ |
Macau casino giants win licence renewals, Malaysia's Genting loses bid
Macau said Saturday it has renewed the licences of its six major casino operators, with the city aiming for terms that would help diversify its economy away from gambling.
The former Portuguese colony is the only territory in China where casinos are allowed, and it issues just six operating concessions for a multi-billion-dollar industry that, until the pandemic hit, was bigger than Las Vegas.
The six current operators -- including the subsidiaries of Las Vegas giants MGM, Wynn and Sands -- had submitted renewal applications but a firm linked with Malaysian gaming and resorts giant Genting challenged the long-running oligopoly with a surprise bid.
That attempt failed, however, as Macau's leader Ho Iat-seng announced that the existing licence holders have been granted provisional concessions.
"Development of non-gaming businesses is the most important factor" in the government's decision, Andre Cheong, Macau's administration and justice minister, told reporters.
He did not provide details about what licence holders would be required to invest and where.
The government said it will negotiate details with the six operators and the new licences will take effect from the beginning of next year.
Macau has long been keen to diversify away from gambling into tourism and leisure.
The city's casinos were battered by pandemic-era restrictions that drove away the mainland Chinese gamblers who made up the vast majority of customers.
"The source of our tourists is too concentrated," Cheong said Saturday, describing the situation as "not healthy".
Gross gaming revenue was down 98 percent from pre-pandemic levels and fell to a record low in July, officials earlier announced.
- Scrutiny and reform -
Even if pandemic measures are fully lifted, it is unlikely Macau's casinos will see a return to their headiest, freewheeling days.
Chinese President Xi Jinping has spearheaded an anti-corruption campaign that has seen increased scrutiny of the high rollers and officials who travel to gamble in Macau, where cases of money laundering are common.
For decades, Macau's gaming industry was run as a monopoly by casino magnate Stanley Ho, but in 2002 more operators were brought in and issued 20-year concessions as part of a liberalisation effort.
In January, authorities slashed the concession period of gaming licences to 10 years and unveiled regulations seeking to increase local ownership and government supervision.
Those factors did not deter the bid from GMM, a company controlled by Malaysian tycoon and Genting chairman Lim Kok Thay.
Best known for its resort in the Malaysian highlands, Genting also operates in Las Vegas and Singapore. It backed a ski resort in China that hosted this year's Winter Olympics.
M.Anderson--CPN