The move will give the firm the ability to compete for gaming rights in the gambling enclave “at the same pace” as four other operators in the city. Those four operators hold licenses that don’t expire until 2022.
So commented on the extension during the launch of the “Macau Gaming History Gallery” at the Hotel Lisboa, although he pointed out that the company has yet to formally make a request to the Macau government.
“It is clear that a new legislation will be required if the extension of a licence of an existing concessionaire is over five years [in length]. This is the issue that the Gaming Inspection and Coordination Bureau has mentioned before,” So said.
According to Macau gaming laws, licenses for existing holders are allowed to be extended for up to five years from the original expiration date. However, if a gaming license expires, any new concession can only be granted through a public tender. This, in the opinion of some gaming lawyers, means that there doesn’t exist a true “concession renewal.”
So also indicated that the two-year extension was reasonable, as SJM Holdings is prepared to open its first resort in Cotai, the US$4.6-billion Grand Lisboa Palace in the second half of 2019.
Source: GMB / Calvin Ayre
