Macao Gov't to Sign Pacts with Casino License Winners

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Last updated at: (Beijing Time) Wednesday, June 05, 2002

Macao Gov't to Sign Pacts with Casino License Winners

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Two casino license winners in Macao will hopefully sign official agreements with the Special Administrative Region (SAR) government later this month, said Francis Tam Pak Yuen, secretary for economy and finance.

Wynn Resorts (Macao) Limited and Galaxy Casino Company Limited, both won the bidding for casino licenses on February 8, but they have since been negotiating with the SAR government on concrete conditions.

Tam told reporters Tuesday that agreements will be reached between the two sides within this month as their negotiations have entered the final period.

In the meantime, the SAR government will soon announce the sites on which the two companies will build casinos, he said.

Macao casino magnate Stanley Ho's Macao Gaming Holding Company (SJM), the other successful applicant for casino license, signed an agreement with the government at the end of March.

The SAR government proposed open competition in the gambling market two years ago, posted rules on tenders last October and accepted 21 bidding papers in November, bringing in cut-throat competition among the bidders including those from world well-known casinos.

The move is seen widely as a bold decision of the government to optimize the gambling industry, which contributes to roughly 30 per cent of Macao's gross domestic product and employs more than 10,000 local residents now.

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