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Country Report Macau

Description:
In early March reports in the local media indicated that the secretary for economy and finance, Francis Tam Pak Yuen, had stated that there would be no increase in the number of gambling licences available in the territory when the current licences expire in 2020-22.

The development of the casino sector, the mainstay of the Macau economy, has been fostered by the 20-year licences awarded to six gaming operators, affording each of the licensees a lengthy period of time in which to make a return on their sizeable investments in the territory. However, the government has repeatedly refused to clarify what will happen when the six licences come up for renewal in 2020-22.

Mr Tam's comments indicate, as expected, that no further licences will be introduced, and so the industry will continue to comprise six licensees. However, he also added that the government had not yet decided the term of future licences, despite recent media speculation that the renewals would be for only five years. The prospect of shorter licence terms has raised questions over whether operators would be happy to continue investing large sums in the territory, but officials may feel that the territory will not require further large-scale investments to expand capacity after 2020. The government's current policy of keeping the increase in the number of gambling tables to 3% a year for ten years also has an impact on casino operators' return on investment, by preventing rapid expansion.
 
Contents:
Country Report Macau

No more gambling licences
Event
Analysis
Impact on the forecast
 
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