{"id":5197,"date":"2022-08-05T12:20:22","date_gmt":"2022-08-05T12:20:22","guid":{"rendered":"https:\/\/www.top10casinowebsites.net\/news\/?p=5197"},"modified":"2022-08-05T12:20:22","modified_gmt":"2022-08-05T12:20:22","slug":"mgms-global-brand-value-will-help-macau-operations-attract-foreigners","status":"publish","type":"post","link":"https:\/\/www.top10casinowebsites.net\/news\/mgms-global-brand-value-will-help-macau-operations-attract-foreigners\/","title":{"rendered":"MGM&#8217;s Global Brand Value Will Help Macau Operations Attract Foreigners"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.top10casinowebsites.net\/news\/wp-content\/uploads\/2021\/01\/mgm-resorts-international-and-mgm-china.jpg\" alt=\"MGM Resorts &amp; MGM China\" title=\"MGM's Global Brand Value Will Help Macau Operations Attract Foreigners\" width=\"300\" class=\"alignright size-full wp-image-4696\" \/><strong>Summary<\/strong><\/p>\n<ul>\n<li>MGM China will submit its bid for Macau&#8217;s new gaming tender<\/li>\n<li>The company&#8217;s strengths in foreign markets and non-gaming should help it obtain a new Macau gaming license<\/li>\n<li>MGM China suffered heavy losses during Q2 this year due to COVID-19 restrictions <\/li>\n<\/ul>\n<p><strong>MGM Resorts International<\/strong> is confident it will get the approval of the <a href=\"https:\/\/www.top10casinowebsites.net\/news\/macau-releases-new-tender-guidelines-in-executive-order\/\">Macau government in the ongoing gaming tender process<\/a>. The company, which operates gaming resorts in the city through its subsidiary <strong>MGM China Holdings<\/strong> Ltd, is due to submit its proposal for the fresh tender, with the deadline for submissions set on September 14.   <\/p>\n<p>Macau authorities will take into account several factors during the evaluation of the bids. Among the aspects that the government will look into is the bidder&#8217;s capability to bring in more foreign customers to the region. Macau will also assess the company&#8217;s gaming and non-gaming investments and how the city can benefit from them. <\/p>\n<p>MGM China Holdings Ltd, President and COO <strong>Hubert Wang<\/strong> said the MGM brand has a lot of strengths in those two areas and this will benefit MGM Macau and MGM Cotai.<\/p>\n<p>The Macau concession tender process was discussed during MGM Resorts International&#8217;s second-quarter earnings call where Mr. Wang said MGM&#8217;s global distribution network should help it drive more overseas customers in Macau, which is among the main priorities of the government.  Additionally, the company&#8217;s traditional strengths in arts and culture will also satisfy the non-gaming diversification requirement, he said. <\/p>\n<h2>More Challenging Times Ahead for Macau Casinos<\/h2>\n<p><a href=\"https:\/\/www.top10casinowebsites.net\/news\/macaus-new-covid-19-restrictions-after-outbreak-will-result-in-lower-ggr\/\">Macau dealt with a fresh surge of COVID-19 cases<\/a> from June to July this year which forced non-essential businesses, such as casinos, to close for nearly two weeks, with travel restrictions also put in place. Gaming venues have since reopened but they&#8217;re reporting record-low revenues as a direct effect of the pandemic-related measures. <\/p>\n<p>MGM China suffered losses of HKD382.4 million (US$48.7 million) on earnings before interest, taxation, depreciation, and amortization (EBITDA) during the second quarter. That compares to gains of almost HKD116.0 million in the same period last year.<\/p>\n<p>MGM Resorts CEO <strong>Bill Hornbuckle<\/strong> admitted during the call that operating and bidding in Macau remains a challenge for <a href=\"https:\/\/www.top10casinowebsites.net\/casinos\">casino operators<\/a> given the restrictions brought about by COVID-19. He said the company will continue to examine how it can fulfill the multiple requirements set out by the government, especially in terms of employment, job opportunities, and social programming.<\/p>\n<p>Under Macau&#8217;s fresh public tender process, casino licenses can have a maximum validity of 10 years, but Hornbuckle stated that the 10-year window still entails a lot of challenges with COVID-19 not going away anytime soon. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary MGM China will submit its bid for Macau&#8217;s new gaming tender The company&#8217;s strengths in foreign markets and non-gaming should help it obtain a new Macau gaming license MGM China suffered heavy losses during Q2 this year due to COVID-19 restrictions MGM Resorts International is confident it will get the approval of the Macau [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,11],"tags":[],"class_list":["post-5197","post","type-post","status-publish","format-standard","hentry","category-industry","category-legislation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MGM&#039;s Global Brand Value Will Help Macau Operations Attract Foreigners<\/title>\n<meta name=\"description\" content=\"MGM Resorts International is confident it will get the approval of the Macau government in the ongoing gaming tender process.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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