Macau Releases New Tender Guidelines In Executive Order
- Macau released an executive order on July 28 with guidelines on new tender process
- The bidding process is now open and will run till Sep 14
- All six licensed gaming operators are expected to apply for a gaming license
Macau officially released its Executive Order 136/2022 on 28 July which provides in-depth information on the regulations that govern the new bidding tender process. The six licensed operators in Macau had their licenses expire on June 26, 2022 and had their licenses extended till the end of the year.
Macau Launches New Bidding Tender Till Sep 14
Macau has officially opened the bidding process for new gaming licenses from July 29 and will run till Sep 14 till 5.45 pm local time. All six licensed holders are expected to put in their bids to obtain a new gaming license which will come with a 10 year expiry date.
Macau’s Secretary for Administration and Justice, André Cheong Weng Chon said that if everything goes as per plan, they should be able to approve the new license holders before the end of 2022 and have them operate under their new gaming license from Jan 1, 2023. Cheong said that the Executive Order requirements were fair and will offer current gaming license holders and any new bidders an equal opportunity to bid for a gaming license.
While Macau will grant new licenses with a 10 year period, Cheong said that at the moment the Government had no plans to allocate any land for new casino development projects. This does not come as a big surprise at the moment as Macau’s casino industry has been significantly impacted by a new set of COVID-19 cases that brought the casino industry to an abrupt halt in July and caused significant revenue losses.
Executive Order Guidelines For New Tender Process
Prospective bidders will have to take into consideration all of the requirements outlined in the new Executive Order for their casino license application bid to be approved. Some of the key outlines mentioned in the Executive Order include the ability for the applicant to put down a deposit of a minimum of $1.2 million, and prove that they can attract tourists from foreign countries.
Applicants will also have to show proof of experience in operating casinos and outline plans on how they intend to stop illegal activities such as money laundering and loan sharking at casinos.