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 dez22 Concession contracts summary: everything you need to know   by   Andrew W Scott     Wed 21 Dec 2022 at 09:38 29 SHARES 732 VIEWS Below is a summary of significant terms and conditions under the  concession contracts signed on Friday 16 December 2022 , as understood by  IAG . (Note exchange rate US$1 = MOP$8)   Contract terms and conditions common to all concessionaires Term Concession term: 1 January 2023 to 31 December 2032 Early concession termination By mutual agreement By breach of obligations by concessionaire By public interest reason(s) By threat to national security By lack of concessionaire suitability At government’s option with one year’s notice from the eighth year of concession (with all legal rights and obligations accrued to the concessionaire before the date of redemption notice assumed by the Macau SAR government, and reasonable and fair compensation to the concessionaire) Operations Operating hours Must operate 24/7, every...

 dez22 The Macau government has announced its allocation of tables and slot machines under the new concession period to commence from 1 January 2023. The government  had previously announced  the number of tables and slots in Macau under the new concessions would be reduced to 6,000 and 12,000 respectively. This represents a 13% reduction in tables from the former 6,925 under the table cap which applied to the previous concession period set to end on 31 December 2022, and a 3% reduction in slot machines from the DICJ’s last official count of 12,387 machines as at the end of September. The biggest winner is MGM with an additional 198 tables to add to its former allocation under the table cap, representing an increase of 36%. MGM is the only one of the six concessionaires to receive an increase in table allocation, with the other five concessionaires, SJM, Melco, Wynn, GEG and Sands, losing 743, 196, 100, 79 and 5 tables respectively. SJM’s enormous loss of tables likely re...

APR25 Lawmakers have raised concerns about the slow pace of non-gaming investments promised by Macao’s six casino operators, prompting the SAR’s economy chief to reaffirm the government’s commitment to strict oversight. According  to the  Macau Daily Times , Tai Kin Ip, the secretary for economy and finance, has told legislators that concessionaires must adhere to their contractual obligations and ensure timely execution of all non-gaming investment plans. As part of their current 10-year gaming concessions, dating back to January 2023, the operators pledged to invest a collective 108.7 billion patacas in ventures that had nothing to do with gambling over the course of their contractual period. However, following a stronger than expected performance in gross gaming revenue (GGR) in 2023, the amount was   increased by 20 percent   – amounting to a collective total of   130 billion patacas .  https://macaonews.org/news/business/macau-casinos-non-gaming-invest...