JP MORGAN EXPECTS NEW LICENSES BID FROM JULY AS GAMING LAW PROMULGATED TODAY

Brokerage JP Morgan is expecting the new public tender for the city’s gaming licenses to commence in late July or August, basing its expectations on the timeline of 2001.

The note was issued after lawmakers approved the new gaming law Tuesday, cementing increased oversight of casino operations by the government.

In the note, analysts DS Kim and Livy Lyu remarked, “We recall, for the original concession 20 years ago, that public bidding kicked off around 40 days after the [original] law was passed and lasted for about three months.”

“Based on this, we expect the bidding to kick off in August (or late July), the result of which could be announced by early November,” the analysts said, as cited in a report issued by GGRAsia.

The approval of the long-awaited gaming law amendment will pave the way for new casino licenses to be issued following the expiry of the current ones in December after an extension from the original termination date of June 26.

According to the brokerage, the result of the tender process may be announced even by November.

Yesterday, the Official Gazette has published that the new gaming law will come into effect today amid the continuing tourism drought that is causing the casinos to lose millions of dollars every day.

Source: https://macaudailytimes.com.mo/jp-morgan-expects-new-licenses-bid-from-july-as-gaming-law-promulgated-today.html