Hurry up and wait.
That was the unintentional message of the Macau government when it shortened the comment period on the revised gaming law late in 2021. The government has hoped to gain approval of the industry and the legislators to meet the June 26 deadline when all the concessions were due to expire.
But uncertainty about several aspects of the granting of the new concessions has caused Macau’s Secretary for Economy and Finance, Lei Wai Nong to delay the decision by six months, until December 31.
“We have notified the gaming operators to prepare for the extension application,” Lei said after addressing the Second Standing Committee of the Legislative Assembly.
The delay comes because of the lengthy time that will be required by the tendering process. All of the existing operators are eligible to apply—and frankly have the inside track. The applicants will apply for a maximum of six licenses—all of equal footing—for a 10-year license.
But many elements remain uncertain under the proposed law, including the status of the “satellite casinos” which operate under the aegis of the six concessions and sub-concessions. The proposal law will phase them out, but the satellites are not going quietly.
In addition, there is some confusion about how investors in the concessions will be considered, whether they are based in Macau or elsewhere.
Lei says if the law is passed by June 26, it gives the government ample time to meet the end-of-the-year deadline. He didn’t address an additional extension should the December 31 deadline in jeopardized.
