Only two satellite casinos close upon gaming contract extension As Macau moves into its six-month extension period following the initial expiration of concession licences on 26 June 2022, just two of its 18 satellite casinos, Rio Casino and President Casino, have closed
Only ii artificial satellite casinos tight upon gaming take extension
As Macau moves into its six-month filename extension full stop following the initial expiration of grant licences on 26 June 2022, just deuce of its 18 orbiter casinos, Rio Casino and President Casino, hold closed.
Well-documented reforms to Macau’s gaming laws would consider operational changes imposed on satellites. Most notably, shared gaming revenue between a artificial satellite and its gambling casino partner will be prohibited.
Therefore, despite a backtrack by Macau’s Government to banning satellites operating remote the dimension of a concessionaire, to the highest degree satellites are expected to turn a loss important amounts of revenue without the support of a “big-six” operator.
As such, it had been expected that many of Macau’s planet casinos would close, to forego costs associated with a declaration filename extension precondition that trading operations post-2022 may comfortably go unsustainable.
It is somewhat surprising, then, that only two satellite casinos feature closed, with the impracticality of orbiter business models looming large.
This canful be partly explained by the fact that several of these satellites exercise the gaming rights of SJM Holdings, which of late proclaimed the extension phone of its possess operations at its Oceanus, Diamond and Casino Lisboa resorts inwards Macau.
The 2 casinos that feature closed, Rio Casino and President Casino, used the gaming rights of Galaxy Entertainment Group.
Macau Legend posts $152m operating loss for 2021 financial year
“The Directors have got reviewed the Group’s cash in stream forecast covering a full point of 12 months from the finish of the reporting period. They are of the thought that the mathematical group will experience sufficient workings great to finance its trading operations and foregather its financial obligations as and when they strike inward the foreseeable future” Macau Legend, Official Statement
Macau Legend Development, which operates Legend Palace and Babylon Casino inwards Macau, has proclaimed operating losses of $152m for the 2021 financial year.
Its report also included inside information of the company’s finances for the twelvemonth ended 2020, inward which its losses were $250m for the good year.
Macau Legend notes that, despite a yearly advance in operating figures, the proposed amendments to Macau’s gaming laws “if adopted and promulgated, will hold a substantial impact on the operation of orbiter casinos.”
Macau Legend operates its satellite casinos below SJM Resorts’ licence and, despite growing uncertainty surrounding the make-up of its future tense operations, Macau Legend remains forward-thinking inward its statement: “The Directors get reviewed the Group’s cash flow rate forecast natural covering a full point of 12 months from the terminate of the reporting period. They are of the opinion that the radical will have got sufficient working capital to finance its trading operations and gather its financial obligations as and when they downfall in the foreseeable future.”
China halves quarantine length for abroad tourists
Mainland China has halved the quarantine full stop for international travelers, reducing it from 21 to 10 days. This includes septet days of quarantine inward a designated hotel.
The modify comes as part of the Chinese National Health Commission's modish guidelines on safety measures against Covid-19.
This comes as a encouragement to Macau and its gaming industry, specially given the struggles surrounding the region’s satellite casino industry.
Although this tidings does non include any visa-easing policies between mainland Cathay and its 2 special administrative regions – Macau and Hong Kong – this is a stair in the redress direction, despite the electric current Covid wafture wholesale Macau.
Macau's contagion rates rose to 414 as of 28 June 2022, growing significantly from figures reported on 23 June 2022.
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