Macau’s future gaming concessionaires are going to have to invest even more than the MOP100 billion ($12.4 billion) they were planning to over the 10-year span of their new licenses.
That’s according to TDM Radio, which notes that this investment plan is going to cost major operators Galaxy and Venetian more than MOP50 billion ($6.2 billion), a figure which other operators may match, or even exceed.
The report comes after a final meeting between the seven bidders and the Macau Gaming Commission on Tuesday, to formally open their final proposals, which they submitted on Monday.
Following the move, the Chief Executive now can decide which of the contestants will be attributed a license, and whether to attribute all six concessions which are up for grabs.
This will be released in a government dispatch for provisional attribution of the concessions, within 15 days the winning and losing bidders will be notified of the decision.
Following this, the selected bidders must prove that they have at least MOP5 billion deposited in bank accounts in Macau. The government will then give the contracts to the concessionaires, with five days to look them over. The Chief Executive will then publish the definitive list and contracts will be signed, likely to take place before December 20th, the broadcaster notes.
The overall investment figure was not the only thing that the gaming commission is requiring of the bidders, as the government places the onus of non-gaming development squarely on their shoulders.
Authorities are asking them to set up an art museum, an annual schedule of shows and conventions, areas for concerts, shows and art exhibits outside, themed entertainment of international caliper and themed maritime tours are also in the cards.
Within the current submissions, an ice rink has been proposed, as well as an inline skate ring, notes the broadcaster.