Macau’s government has renewed the licenses of incumbent casino operators for another 10 years. The new entrant in license bidding, Genting Malaysia, was not able to secure one of the six licenses available.

According to a statement by the territory’s government on Saturday, the six operators receiving concessions that run from 1 January 2023 to 31 December 2033 are MGM Grand Paradise Limited, Venetian Macau, Galaxy Casino Company, Wynn Resorts Macau, Melco Resorts Macau and SJM Resorts.

The highly anticipated announcement was done through a press conference. After a couple of years of struggle due to lockdowns the announcement signals stability and continuity for the Macau operators who have invested more than US$50 billion in the past 20 years.

“The licenses were awarded on the social responsibilities on the tender documents that ensured stable opportunities in Macau,” said Andre Cheong Weng-chon, President of the Macau Commission for Gaming.

Cheong also said that Genting Malaysia’s’ bid was accepted and scored even though they did not have relevant experience operating gambling and non-gambling businesses in Macau. He did not reveal the final score for Genting Malaysia.

Genting Malaysia entering the bidding was considered a big threat to one of the regional operators as losing a license means they would have had to return the casino area to the government for free at the end of this year.

MGM Grand ranked the highest in the gambling commission’s scores. The officials from MGM said, “MGM Grand will continue to work with all walks of life to write a new chapter in the development of tourism, leisure and entertainment, and create a new milestone of Asian integrated tourism.”

Chairman and Chief Executive of Melco, Lawrence Ho said, “We are committed to Macau and its development as Asia’s premier tourist destination.”

The bidding for a new license started back in June as the old licenses were expiring at the end of 2022. The operators also provided their proposal of investment recently and were told to increase the investment by the government.