MGM China confident of meeting retender needs, to pay $5.8m for extension

MGM China said it believes it will be in a position to satisfy the Macau government’s requirements to retender for its concession when they are set out and confirmed it had also agreed to pay MOP47 million ($5.8 million) for an extension.

The Macau government has said that it will extend the city’s gaming concessions for six months until end-December to allow more time for the retendering process. There is no clarity as yet as to when that process will begin, MGM said.

In its annual report, MGM said that its MGM Grand Paradise unit had submitted its request to be granted more time on March 11th and had agreed to pay the fee. It has also agreed to provide a bank guarantee to secure the fulfillment of MGM Grand Paradise’s payment options towards employees should it fail in its bid.

Source: https://agbrief.com/news/macau/14/04/2022/mgm-china-confident-of-meeting-retender-needs-to-pay-5-8m-for-extension/