Macau aims to reduce the term of its new gambling licenses to just 10 years, half the term of the most recent concessions granted, as part of tightening regulations for the world’s largest casino hub.
The multi-billion dollar gaming industry, which is the only one in China, is at the center of a major reorganization plan announced in September. Today, the sector’s top six players in the former Portuguese colony received their initial briefing on the new rules, with the Macau Executive Council making it clear that the game should not undermine China’s “national security”.
According to the bill, the number of concessions, given the allocations in June, will remain six operators, but “will not exceed 10 years.” In exceptional cases, “it may be extended for a maximum period of three years.”
Before the Covid pandemic, Macau casinos collected in one week what they earned in one month from Las Vegas, Nevada’s “Sin City.”
The city’s gaming sector has grown to be worth $24 billion, accounting for about 80% of local government revenue and more than half of GDP, and it employs more than 82,000 people, nearly a fifth of the working population.
Under the leadership of Xi Jinping, local authorities began to tighten the network of controls starting with recycling.
Gaming revenue fell to 7.5 billion in 2020 due to the pandemic, while there was a rebound last year to 10.8 billion.
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