Concorrentes ao novo concurso público

nov22

Macau casino operators, vying for a licence in the world's biggest gambling hub, are expected to invest a total of around 100 billion patacas ($12.4 billion) over the next 10 years, local broadcaster TDM reported.

Galaxy and Sands may invest more than 20 billion patacas each, while the others will invest less than 20 billion patacas. Altogether the total will be around 100 billion, TDM said.

https://www.reuters.com/markets/asia/macau-casinos-expected-invest-around-12-bln-over-next-10-years-media-2022-11-14/

According to TDM Portuguese Radio, the Macau public tender commission has reached an agreement with companies bidding for a new 10-year gaming concession to invest a combined MOP$100 billion (US$12.5 billion) during the concession period.

TDM reports that the parties reached a consensus on expected investment at a meeting on Friday, with market share leaders Galaxy Entertainment Group and Sands China to each invest more than MOP$20 billion (US$2.5 billion). The other companies will invest closer to MOP$15 billion (US$1.88 billion), taking the combined total to a little over MOP$100 billion.

According to TDM, the government’s main concern is investment in non-gaming elements, while concessionaires will be expected to continue supporting local events like the Macao Grand Prix, music festivals and bringing international acts to Macau. There are also plans to open museums.

However, as the government has stated it will not grant any new land for the development of gaming facilities, concessionaires will need to continue developing their existing facilities in the future.

The concessionaires are of the view that a combined investment of MOP$100 billion over 10 years is a reasonable figure, TDM said.

https://www.asgam.com/index.php/2022/11/14/macau-government-reaches-consensus-with-bidders-for-combined-us12-5-billion-investment-during-new-10-year-concession-period/

Out22

GENTING

Having examined the “Why?” of Genting’s bid, let’s move on to the “How?” How could Genting actually win their bid, thus wrestling a concession away from one of the incumbent sextet? And if they did, how would it be accretive to Macau as a whole? How would Genting, the losing concession and the Macau government deal with the minefield that is reversion? How would Genting, in a very cash-strapped environment, finance a multibillion-dollar Macau casino gaming business, and its subsequent trading losses? Make no bones about it, they would be losing money from day one. These are all questions we will examine tomorrow.

https://www.asgam.com/index.php/2022/10/24/genting-in-macau-why-how-part-1-of-2/

All six concessionaires have been instrumental in taking Macau from what some described as a “sleepy little fishing village” to a city with, pre-covid, a booming economy and the second highest GDP per capita in the world. There is an argument that that success must be recognized and rewarded, not punished.

All of this is not to argue that Genting shouldn’t be awarded a concession. Genting is a serious IR company with a long history, and they do offer some fresh new possibilities for Macau. Their bid should be carefully considered. But the Macau government would be well advised to consider all the consequences – positive, negative, intended and unintended – that a successful Genting bid would bring.

https://www.asgam.com/index.php/2022/10/25/genting-in-macau-why-how-part-2-of-2/

out22

SANDS

Apesar das dificuldades actuais, derivadas das restrições anti-covid, a Las Vegas Sands tem “grande confiança na recuperação do turismo” e nas “perspectivas de crescimento a longo prazo” em Macau, garantiu o presidente do grupo, destacando os sinais de “resiliência” observados nos períodos de alívio das medidas de prevenção epidémica. Após o anúncio dos resultados financeiros do terceiro trimestre, marcados uma subida de 12% nos prejuízos da Sands China, Rob Goldstein renovou a promessa de “apoiar a diversificação económica de Macau”

https://jtm.com.mo/local/sands-mantem-grande-confianca-na-recuperacao-de-macau/

out22

The proposal for a Macau gaming concession submitted by GMM Ltd, an indirect unit of Genting Malaysia Bhd, has now been “unconditionally” accepted by the Macau government, an update from the “conditional” status that was given to the proposal following the handing in of initial paperwork on September 14.

The information was reported on Tuesday by the Portuguese-language radio service of public broadcaster TDM.

https://www.ggrasia.com/genting-macau-tender-bid-received-unconditionally-report/

out22

SJM Resorts Ltd, one of Macau’s six casino concessionaires and a bidder in the new public tender for fresh rights, supports the city goverment’s desire to have the gaming sector boost non-gaming in Macau’s tourism sector, says Angela Leong On Kei (pictured in a file photo), one of the firm’s directors.

Ms Leong was reading from a prepared statement at a company reception for the media on Tuesday to mark China’s National Day at the beginning of the month. She did not take questions following her comments. The event was held at the company’s Grand Lisboa property on Macau peninsula.

She said Macau’s gaming sector was now in a “stage of reform”, following 20 years of development.That was a reference to the two-decade-long public concession period stemming from market liberalisation at the start of the current century.

https://www.ggrasia.com/sjm-supports-macau-govt-wish-on-non-gaming-boost-leong/

out22

No concurso público para a atribuição das novas concessões de jogo, há seis vagas para sete concorrentes. Além das seis sociedades que actualmente operam os casinos de Macau, também a GMM – empresa ligada ao grupo malaio Genting – decidiu apresentar uma proposta. A possibilidade de a GMM ser uma das escolhidas em detrimento de uma das incumbentes é real e, se se verificar, esta mudança de paradigma poderá mexer com a indústria que é o pilar da economia de Macau.

A GMM, empresa ligada ao grupo malaio Genting, pode provocar uma surpresa no concurso público para a atribuição das licenças de jogo. Aliás, segundo alguns analistas ouvidos pelo PONTO FINAL, a possibilidade é forte. A saída de uma das operadoras e a entrada da GMM poderá alterar o paradigma da indústria do jogo da região.

A PONTO FINAL, António Lobo Vilela explica o que implicaria a entrada da Genting no panorama no que toca às propriedades e aos trabalhadores da operadora incumbente que lhe cedesse o lugar. O professor de Direito do Jogo na Universidade de Macau (UM) e antigo assessor do secretário para a Economia e Finanças salienta que “as propriedades, com exceção dos casinos – que revertem para a RAEM no final dos contratos – continuam propriedade da concorrente preterida ou de entidades terceiras, conforme o caso”. Ou seja, a concorrente preterida poderá continuar a explorar os hotéis e os centros comerciais à volta do casino.

Quanto aos trabalhadores dos casinos, Lobo Vilela esclarece que “seriam certamente absorvidos pela concorrente que ficasse a explorar jogo nos casinos da concorrente preterida”. “Seria do seu interesse ter mão-de-obra para iniciar a exploração de jogos de fortuna ou azar em casino de imediato e sem interrupções”, comenta.

https://pontofinal-macau.com/2022/10/07/chegada-da-genting-pode-mexer-com-a-industria-do-jogo/

set22

However, Macau Chief Executive Ho Iat Seng admitted that most of the development of land set aside for integrated resort operations was already complete and now new land would be granted to any of the seven bidders, including GMM.

“The government will not grant any more gaming land and concessionaires can only develop on existing facilities. If a new company is awarded a gaming concession, it can then use the gaming facilities that the government has recovered from the old concession [under reversion agreements].

“The Gaming Law already stipulates that the gaming facilities are owned by the government, so it is believed concessionaires will not invest heavily in the future and will develop on their existing facilities.”

https://www.asgam.com/index.php/2022/09/25/macau-chief-executive-says-little-scope-for-further-industry-expansion-as-tender-committee-enters-discussions-with-bidders/

set22

Genting’s bid for the Macau SAR gaming concession public tender could be an attempt to partner with an incumbent concessionaire struggling financially, brokerage Sanford C. Bernstein posited.

The bidding period of the public tender for as many as six 10-year gaming concessions in Macau was concluded on Wednesday, attracting a total of seven companies to tender their proposals, including the existing six operators and a surprise seventh bidder named GMM Limited and linked to Genting Malaysia.

https://www.macaubusiness.com/genting-more-likelly-to-partner-with-an-incunbant-concessionaire-brokerage/

set22

The bid submitted by GMM Limited for a gaming concession has been “conditionally accepted”, Macau SAR authorities revealed.

https://www.macaubusiness.com/genting-linked-gaming-concession-bid-accepted-conditionally/

set22

“A Genting tem como trunfo a vasta experiência em resorts integrados destinados a uma clientela familiar, rumo que o Governo da RAEM quer para a indústria, privilegiando a diversificação que desloque o actual foco excessivo no jogo das actuais concessionárias”, indicaram os analistas, numa nota divulgada na quarta-feira à noite.

Os observadores realçam que apesar de as actuais concessionárias terem capacidade para se adaptar a uma nova realidade, que retire ênfase ao factor jogo, isso irá implicar alterações físicas aos seus resorts.

“Como novo operador, a GGM pode conceber um resort de raiz que corresponda às novas prioridades do Executivo de Macau, ao contrário dos operadores actuais que conceberam as suas propriedades para os velhos tempos do jogo VIP. A nova concorrente pode também adaptar-se em termos orçamentais a um índice de despesas de capital mais baixo, adequando-se a volumes de receitas brutas de jogo estruturalmente inferior” ao verificado até antes da pandemia, apontam os analistas, citados pelo portal Inside Asian Gaming.

https://hojemacau.com.mo/2022/09/16/analise-trunfos-e-fraquezas-da-nova-candidata-a-concessao-de-jogo/

set22

GMM’s entry to the Macau race was a “negative surprise” for the current market participants, said brokerage Morgan Stanley Asia Ltd in a Wednesday note. It “adds uncertainty and could provide more bargaining power to the [Macau] government in the negotiations over the next two months,” wrote Morgan Stanley analysts Praveen Choudhary and Gareth Leung, referring to the assessment period for the bids. New concessions are likely to start on January 1, 2023. Ben Lee, managing partner at IGamiX Management and Consulting Ltd, said Genting’s enthusiasm for Macau should not be a surprise to anyone following the land-based casino sector.

“Macau is the only major gaming market” where the Genting companies “do not have a presence,” Mr Lee suggested to GGRAsia. Genting did make a submission in the Macau concession tender that took place at the turn of the current century, but was not selected. Fellow consultant Alidad Tash, managing director of gaming management advisor 2NT8 Ltd, and Citi Research analyst George Choi respectively expressed some scepticism about a Lim family entity being able to dislodge one of the Macau incumbents. https://www.ggrasia.com/genting-hard-fight-to-beat-current-macau-ops-pundits/

https://www.macaubusiness.com/mixed-responses-at-odds-of-genting-winning-a-new-macau-gaming-concession/

set22

Genting Malaysia, owner and operator of Malaysia’s Resorts World Genting, has confirmed it is the parent company of GMM S.A. – the entity that pulled off a surprise last minute move by submitting a bid for a Macau gaming concession on Wednesday.

In a filing to Bursa Malaysia overnight, Genting Malaysia described GMM as an indirect subsidiary and said it hoped to win a new 10-year gaming concession for the operation of casino games of fortune in Macau.

https://www.asgam.com/index.php/2022/09/16/genting-malaysia-confirms-connection-to-macau-concession-bid/

set22

GMM Limited, a company linked to Malaysian gaming tycoon Lim Kok Thay, submitted a bid today (Wednesday) for a new gaming concession in Macau, as the deadline for the public tender concludes this evening. Local media outlets reported a company called GMM Limited tendered a bid this afternoon, besides the incumbent six gaming operators in the city. According to the company’s registration document seen by MNA, GMM was incorporated in this September, and one of the administrative members of the company is Lim Kok Thay.

https://www.macaubusiness.com/genting-linked-firm-bids-for-macau-gaming-concession/

set22

All the six incumbent gaming operators in the city have tendered their bids to the Macau government for new concessions, given the submissions from SJM Holdings Ltd, MGM China Holdings Ltd, and Galaxy Entertainment Group Ltd this afternoon (Wednesday).

https://www.macaubusiness.com/all-six-current-operators-bid-for-new-macau-gaming-concessions/

set22

It is unlikely that any serious contender other than the six existing Macau gaming concessionaires will emerge from the public tender application process for up to six new 10-year gaming concessions, suggested several industry experts in a Thursday webinar. The public tender, which launched on July 29, closes on September 14.

“There will not be a new operator. Where are they going to build?” said Alidad Tash (pictured, upper right), formerly a senior Macau casino executive and now managing director of gaming management consultancy 2NT8 Ltd.

“I don’t think parcels seven and eight are going to be given to anybody” in the casino industry, said Mr Tash, referring to land in the Cotai district, an area where most of Macau’s newest casino resorts are located.

Also, “you have a 10-year concession… it’s going to cost you three or four years, just to build” a resort. “Who’s going to go ahead and spend US$5 billion or US$6 billion, and only get six or seven years of guaranteed continued life?” he asked

“As far as we know, 10 years from now,” such a new concession “could all be taken away,” added Mr Tash.

https://www.ggrasia.com/unlikely-serious-macau-bidder-beyond-6-ops-now-panel/

ago22

Carlos Lobo prevê que o concurso público internacional para atribuição de seis novas licenças de jogo no território, válidas por 10 anos, poderá atrair 12 candidatos. No entanto, em entrevista à TDM-Rádio Macau, considerou difícil que os novos concorrentes possam substituir os actuais operadores. O consultor na área do jogo admitiu que os novos concorrentes possam associar-se a alguns dos actuais operadores na corrida a uma das seis licenças. Por outro lado, anteviu que o concurso não deverá contar com propostas de empresas norte-americanas que ainda não tenham operado em Macau, sendo mais provável o aparecimento de candidatos da Ásia e Europa. No entanto, apesar da tensão entre China e EUA, Carlos Lobo acredita que as operadoras com capitais americanos que já estão em Macau devem manter-se. Na mesma entrevista, defendeu que o sector não jogo em Macau tem de ser lucrativo, à semelhança do que acontece em Las Vegas

https://jtm.com.mo/local/carlos-lobo-preve-12-candidatos-licencas-jogo/

ago22

CBRE Securities LLC expects “few, if any” of what it terms “outside bidders” for Macau gaming concessions via the public tender process that started on July 29 and runs until September 14.

This was due to “the complexity of operating in Macau, the relatively short concession length (10 years), and the potential size of investment for a new entrant,” wrote analyst John DeCree in a Monday note.

https://www.ggrasia.com/few-outside-bidders-likely-for-macau-concessions-cbre/

jul22

Ben Lee, diretor-geral e fundador da iGamiX, empresa de consultoria na área do jogo, revela que “existem pelo menos mais três empresas interessadas” no concurso, apesar do seu interesse em Macau ter vindo a deteriorar. Isto deve-se ao facto de a nova lei exigir um capital social mínimo de cinco mil milhões de patacas e com a subida do imposto sobre a receita indireta do jogo para cinco por cento.

A revisão da lei mantém a taxa do imposto especial sobre o jogo em 35 por cento, no entanto, a taxa de imposto para financiamento de projetos culturais, educativos e para a segurança social subiu de quatro para cinco por cento. Caso a concessionária consiga atrair clientes fora do mercado chinês, o Chefe do Executivo poderá isentar este imposto de forma parcial ou total. Mesmo assim, o imposto especial sobre o jogo é bastante superior ao praticado nas regiões vizinhas, como por exemplo nas Filipinas, onde varia entre os 15 e os 25 por cento, e Singapura, com um máximo de 22 por cento.

Ben Lee refere que a tensão entre a China e os Estados Unidos pode influenciar o novo concurso, lembrando que entre as seis grandes empresas, três têm capital norte-americano (Sands China, Wynn Macau e MGM China). Desde o início da guerra comercial entre as duas potências, em 2018, há quem acredite que essa circunstância crie dúvidas nos favoritos para as concessões de jogo. “As empresas com financiamento americano representam metade do mercado de jogo de Macau, longe daquilo que Pequim tinha em mente quando o iniciou. Acho muito provável que pelo menos uma destas concessionárias perca a sua licença durante o concurso”, reitera.

https://www.plataformamedia.com/2022/07/15/favoritismo-das-concessoes-de-jogo-em-macau-pode-estar-ameacado/