China News Service, June 24. According to the website of the Macau SAR Government, the Macau SAR Government, after comprehensive analysis and consideration, has decided to approve the application of six gaming companies to extend the operation period of casino lucky games to December 31, 2022. The modification contract was signed on June 23.
The Chief Executive of the Macao SAR, Ho Iat Seng, on behalf of the SAR government, signed the amendment contract with the representative of Macao Entertainment Integrated Resort Co., Ltd.
Image source: Macao SAR Government website
On behalf of the Macau Special Administrative Region, Chief Executive Ho Iat Seng signed the Macau Special Administrative Region Casino Lucky Sign with representatives of Macau Entertainment Integrated Resort Co., Ltd., Wynn Resorts (Macau) Co., Ltd. and Galaxy Casino Co., Ltd. at the Government Headquarters on the afternoon of the 23rd. Amendment contracts for gaming operation grant contracts.
Subsequently, witnessed by the representatives of the Gaming Inspection and Coordination Bureau, the above three companies signed casino lucky draw with representatives of MGM Grand Paradise Co., Ltd., Melco Crown (Macau) Co., Ltd. and Venetian Macau Co., Ltd. Amendment contracts for gaming operations sub-contracts.
Article 13(3) of Macau Law No. 16/2001 "The Legal System of Casino Games of Fortune" stipulates that the concession period for casino games of fortune or other forms of gaming operations may be extended one or more times.
This extension of the concession and sub-contract mainly considers that the open bidding process for the new round of casino games of fortune could not be completed before the current concession period (ie June 26, 2022), so an exceptional extension of six The operating period of the intermediary gaming enterprises is until December 31, 2022, to ensure the smooth progress of the new round of public bidding procedures.
In return for the extension of the casino's gaming of fortune operating period, each gaming company will be required to pay an additional one-time payment of 47 million patacas to the SAR.
At the same time, each gaming company will also set up labor debt guarantee funds for employees within 3 months from the signing of the contract to provide protection for employees.
In addition, the SAR government has further implemented the mechanism of Law No. 16/2001 regarding the ownership of the casino, together with all its equipment and utensils after the revocation of the grant, through this contract revision, so as to facilitate the operation of the new casino games of fortune. Players can continue to use existing gaming facilities, ensuring a seamless transition between old and new operating concessions.
The SAR government will continue to promote the orderly and healthy development of the gaming industry, require gaming companies to continue to fulfill their social responsibilities, and allow the gaming industry to continue to assist the moderately diversified development of Macau's economy.