Good Morning. After months of uncertainty, the Macau government caught the market by surprise on Friday and published the amendments to its gaming laws. After spooking investors in September with its proposals, the actual changes appear to be relatively benign and stocks rallied accordingly. However, it’s not good news for the satellite casinos. The concessionaires are supportive.
What you need to know
Macau will be permitted to have six casino concessionaires with the license period reduced to ten years, with the possibility for a three-year extension, according to the city’s new gaming law proposal.
Macau’s operators have thrown their weight behind the government’s amendments to its gaming law, saying the proposals provide a clear and timely roadmap ahead of the re-tendering process.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has widened the scope of its probe into Star Entertainment beyond Sydney to include “other entities” within the group.
On the radar
- Metro Manila on alert, casinos at curbed capacity.
- Midan City project promoter’s rating downgraded to restricted default: Fitch.
- Korea raises cap on private gatherings, extends Covid restrictions.
- Positive messaging encourages gamblers to take action.
What the papers say
- Macau / Zhuhai border tightened to require a negative test within 24-hours.
Investors and analysts have welcomed the amendments to Macau’s gaming law, which proved to be far less draconian than feared for the six operators, but which appear to sound the death knell for satellite casinos. Shares in all of the companies jumped on Friday, with Sands China and Melco Resorts & Entertainment leading the way, up 7 percent and 10 percent respectively. The other operators all showed gains of about 4 percent. The government appears to have heeded the concerns of the industry in its amended law and has dropped some of the more contentious proposals. “Overall, it’s very positive news,” Alidad Tash, managing director of 2NT8 said of the gaming bill.
- PAGCOR gets “excellent” rating for CSR efforts.
- Betconstruct adds PopOk Gaming to product portfolio.
- Pragmatic Play launches aquatic-themed Wild Depths slot.