Latest news with #satellitecasinos
South China Morning Post
2 days ago
- Business
- South China Morning Post
As Macau seeks economic diversification, 11 satellite casinos to cease operations
By the end of the year, 11 satellite casinos in Macau will cease operations, as the government seeks an economic diversification away from gambling and into exhibitions, entertainment and technology. Satellite casinos are small casinos operated by third parties but under concessionaires' licences. Analysts said the impact on concessionaires was 'broadly neutral', but some firms should see a more immediate increase in table yields. SJM Holdings said it would shut down seven of its nine satellites this year and buy the two others, Ponte 16 and L'Arc Macau, before directly managing them. Galaxy Entertainment Group said it would close the Waldo Casino 'due to commercial considerations', and Melco Resorts & Entertainment said it would shut down the Grand Dragon Casino along with three Mocha Club slot venues: the Mocha Hotel Royal, Mocha Kuong Fat, and Mocha Grand Dragon Hotel. On Monday, Tai Kin Ip, Macau's secretary for economy and finance, said there were around 5,600 local employees at the satellite casinos. He said 4,800 were employed by the concessionaires and 800 worked for the satellite casino operators. In 2022, the Macau government amended its gaming laws before granting six new 10-year casino concessions. It gave satellite casinos three years to shift from a profit-sharing model to a structure where they are directly owned by licensees.
South China Morning Post
2 days ago
- Business
- South China Morning Post
3 gambling giants to close 11 satellite casinos in Macau amid industry shake-up
Three gaming concession holders in Macau will shut down 11 satellite casinos by the end of this year, when a three-year transition period outlined in amended legislation is set to expire, with local authorities to monitor the impact on the venues' more than 5,000 affected employees. Advertisement Macau authorities announced on Monday that the government had been officially notified by SJM Resorts, Melco Resorts (Macau) and Galaxy Casino that the satellite casinos would cease operations by December 31. The venues set to close include the Grandview, Legend Palace, Fortuna, Landmark, Ponte 16, Le Royal Arc, Emperor Palace, Kam Pek Paradise and Casino Casa Real under SJM Resorts, as well as Grand Dragon of Melco Resorts (Macau) and Galaxy Casino's Waldo. The government said it respected the commercial decisions of the three gaming concessionaires and urged them to treat affected employees properly. Cheong Weng-chon, Macau's administration and justice minister, said: 'The government requires the three gaming concessionaires to properly settle the employees of the satellite casinos and will closely monitor the development of the relevant situation.' Advertisement Secretary for Economy and Finance Tai Kin-ip said that staff at the 11 satellite casinos comprised 5,600 local employees and about 400 imported workers.
