Macau, the world's largest gambling hub, has extended casino licenses for M...
HONG KONG - Macau, the world’s largest gambling hub, has extended casino licenses for MGM China and SJM Holdings until 2022, bringing them on par with other operators, authorities in the Chinese territory said on Friday.
Shares in MGM jumped 10 percent while those in SJM rose over 5 percent after resuming trading following the announcement. Macau’s other operators, which include Sands China, Wynn Macau, Galaxy Entertainment and Melco Resorts & Entertainment, will need to rebid for their licenses scheduled to expire in June 2022.
Policy and regulatory changes are in focus with the election this year of a new leader in the special administrative region, who will work with mainland authorities for the next five years. Casino licenses were first awarded in a complex process in the early 2000s, resulting in a slew of legal battles with some still unresolved. The process remains controversial because little is publicly known about how the winners were chosen.
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