Wednesday, January 20, 2010

More gaming concessions ‘unlikely’ - 21st January 2010

The Macau government is unlikely to make available new gambling concessions, the territory’s chief gambling regulator said, dimming foreign casino operators’ hopes of entering the world’s biggest and fastest-growing gambling market.

“I think the possibility of more concessions is very low,” Manuel Joaquim das Neves, director of Macau’s Gaming Inspection and Coordination Bureau, told Reuters in an interview on Tuesday.

Malaysian conglomerate Genting Bhd and Harrah’s Entertainment, the world’s largest casino operator, is among the companies hoping the Macau government will make more concessions than the current six available as they eye investment opportunities in the territory.

Currently, Macau’s six concessions are controlled by Las Vegas Sands, Wynn Resorts, MGM Mirage, together with businesswoman Pansy Ho, Hong Kong-listed Galaxy Entertainment Group, Macau gambling tycoon Stanley Ho’s SJM Holdings and Melco Crown Entertainment, a joint venture between Hong Kong-listed Melco International Development and Australia’s Crown.

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