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Lawrence Ho present as Melco submits Macau tender bid

September 15, 2022 Macau Earnings & FilingsIndustry Updates

Current Macau casino operator Melco Resorts and Entertainment Ltd said in a Wednesday lunchtime statement that a group unit, Melco Resorts (Macau) Ltd, had that day “submitted its detailed proposal in relation to the public tender for new gaming concessions launched by the Macau Government in July this year”.

The new concession regime envisages up to six new concessions, each running for 10 years. The government has said it hopes to start the new concession term on January 1, 2023.

The deadline for submissions had been announced by the Macau authorities as 5.45pm on Wednesday (September 14).

The group’s statement included comment from Lawrence Ho Yau Lung (pictured in a file photo), chairman and chief executive, who was present for the submission of the necessary paperwork at the offices of the local regulator, the Gaming Inspection and Coordination Bureau.

He said in the Wednesday statement: “I would like to thank the Macau government for this opportunity. Our proposal reinforces our commitment to Macau and the further diversification of its economy. We look forward to playing a leadership role in partnering with the Macau government to execute on the government’s vision.”

The Macau government has said it wants to see more foreign customers for the city’s casinos, and more non-gaming products – including support for activities such as medical tourism – initiated by Macau’s gaming operators.

Another of the six incumbents – Wynn Macau Ltd – said on Tuesday that Wynn Resorts (Macau) SA, the entity that currently holds a Macau gaming licence on behalf of the group, had submitted its bid that day.

Source:  https://www.ggrasia.com/lawrence-ho-present-as-melco-submits-macau-tender-bid/
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