Paradise Entertainment to Seek New Macau License
The Paradise Entertainment Group has registered its interest in seeking another gaming license once Macau starts issuing new ones. The company has been looking into expanding its horizons, and getting into the gambling hub could be the next step.
Final decision depends on government regulations
According to Bob Shen, the company’s Investor Relations manager, the final verdict on whether the company will pursue another license will be reached once the government has published the licensing process guidelines. The company anticipates that this will be done by the end of the year, and Shen has stated that should another gaming license be offered, the company would possibly tender an application for one.
Shen also stated that the company is looking forward to being granted a new gaming license by the government. He added that with the government considering a local company, such as Paradise, for a new license, it would be promoting greater competition, which would positively influence the gaming industry in Macau. He, however, added it was still too soon for the company to decide on this. The decision will depend on if the retendering process is favorable to the company.
Future expansion plans
In the next four years, about six Macau casino operators’ licenses will be expiring. Among these, the first ones to expire will be the licenses belonging to MGM and SJM. The remaining ones, which belong to Galaxy Entertainment, Wynn Resorts, Melco Resorts, which is based in Hong-Kong, and Las Vegas Sands, will expire in 2022. There is a high probability that the six operators will have their licenses renewed. However, what is still unknown are the changes that will be made to the regulatory structure.
The group is in charge of Kam Pek casino, which operates through SJM’s license, and Waldo casino, which operates under a Galaxy-held license. It also owns close to 5,000 multigame terminals found in various casinos in Macau.
The group is looking to spread its expansion not only in Macau but also internationally. Last year, the group was in the process of acquiring the Lan Kwai Fong Hotel and Casino, but the deal failed just as it was about to be finalized.
Shen stated that the group will be open to pursuing other opportunities outside Macau, and because the company sees itself as being a global brand, it would be willing to pursue the right international opportunity. Shen added that the group is open to exploring a variety of options, including joint venture partnerships, and supplying gaming machines and equipment. He said that the group stands at a greater advantage because its business areas, which include gaming equipment and casino operations, allow the company to first test the equipment in its own casinos and see the public’s response.
A boost in casino oversight
Macau is looking to strengthen the oversight of the casino industry in the territory, which is worth an estimated $30 billion.
Fernando Chui, the city’s chief executive, said during last year’s annual policy address that the government would be reviewing and strengthening the gaming regulations. He also said that the government would be regulating junket operations and drafting regulations that would not only promote responsible gaming practices but also promote healthy competition in the casino industry.
With Macau being the only place where casinos are allowed, the government has been taking steps to ensure that gambling is limited to this area only. One of the measures put in place has been the deployment of ATMs that use facial recognition. This measure was implemented to curb proxy betting by gamblers in mainland China.
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