Genting Malaysia confirms Macau concession bid

Content Team 1 year ago
Genting Malaysia confirms Macau concession bid

Genting Malaysia has confirmed that it has put in a bid for a gaming concession in Macau, saying it sees a chance to diversify its geographic footprint.

In a short statement to the Malaysian stock market, the company said its bid was submitted by the Sept. 14th deadline. 

“This represents an opportunity for GENM to expand its business in the Leisure and Hospitality sector, diversify its geographical footprint and participate in the recovery prospects of the Macau SAR gaming segment,” it said.

Genting Malaysia was a surprise 7th bidder for one of the six ten-year concessions on offer. The other six bids were all submitted by the incumbent operators in what was until recently the world’s largest gambling hub. The Malaysian company has the monopoly to operate in its home country and also has properties in the U.K., Egypt, the Bahamas and the U.S. 

Sister company, Genting Singapore operates Resorts World Sentosa, while Genting Hong Kong operates a property in the Philippines through its Travellers International Hotel Group joint venture. Parent company Genting BhD, owns and operates the recently launched Resorts World Las Vegas.

Under the concession bidding process, the Macau government has stipulated that only six licenses will be granted. The term has been reduced by half to 10 years. 

Genting was unsuccessful in its bid for a Macau concession in the first tender in 2002. However, billionaire Lim Kok Thay, who heads the group, has often expressed an interest in entering the market should the opportunity arise. 

However, the renewal comes at a time of deep uncertainty for Macau, which has been effectively shut to the outside world since the beginning of Covid.

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