{"id":245377,"date":"2022-11-28T17:58:38","date_gmt":"2022-11-28T23:58:38","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=245377"},"modified":"2022-11-28T18:40:11","modified_gmt":"2022-11-29T00:40:11","slug":"genting-may-need-to-take-different-approach-to-realize-macau-ambition","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/genting-may-need-to-take-different-approach-to-realize-macau-ambition\/","title":{"rendered":"Genting Macau Hopes Dashed, But Not Dead"},"content":{"rendered":"

Genting Malaysia\u2019s hopes of procuring a Macau gaming license were dashed over the weekend, as authorities in the special administrative region (SAR) awarded provisional permits to the six established concessionaires. But some analysts believe there are still ways the company can enter the Asia-Pacific casino hub.<\/p>\n

\"Genting
Part of the Cotai Strip in Macau. Genting can still find a way into Macau, according to analysts. (Image: YouTube)<\/figcaption><\/figure>\n

Genting surprised the gaming industry in September<\/a> when an entity tied to the Malaysian conglomerate became the seventh bidder for a Macau gaming permit. It joined the six established operators — Galaxy Entertainment, Melco Resorts & Entertainment, MGM China, Sands China, SJM Holdings, and Wynn Macau — all of which won provisional extensions of their licenses.<\/p>\n

Macau\u2019s new gaming laws provide for six concessionaires, so it\u2019s not necessarily surprising Genting was left out in the cold. But that doesn\u2019t mean it lacks for options.<\/p>\n

We think they might still want to participate via equity or joint venture investment if [the] prices are right and the government is okay,\u201d<\/strong> noted JPMorgan analyst DS Kim.<\/p><\/blockquote>\n

Analysts acknowledge that the licenses awarded over the weekend are provisional<\/a>, meaning hope burns eternal for Genting. But it\u2019s faint at best.<\/p>\n

Genting Had Difficulty Setting Itself Apart<\/h2>\n

While the broader Genting Bhd. conglomerate is one of the largest integrated resort operators in the Asia-Pacific region — with a portfolio including the famed Resorts World Sentosa in Singapore – the company appears to have encountered difficult setting itself apart from the established Macau concessionaires.<\/p>\n

\u201cWhile we acknowledge Genting is a world-class casino operator, so are the six incumbents. Our view has always been that Genting does not possess any attributes that are outright superior versus the incumbents that would justify a change,\u201d wrote Citi analysts George Choi and Ryan Cheung in a note.<\/p>\n

\n

Over the course of the retendering process, Genting\u2019s bid was seen as credible<\/a> due in large part to the company\u2019s proficiency with nongaming amenities, which have become a point of emphasis with Macau authorities. However, the established operators in the SAR are pledging north of $12 billion to nongaming offerings, meaning that was another avenue essentially closed off to Genting.<\/p>\n<\/div>\n

\u201cHaving looked at Genting Malaysia\u2019s share price performance since it announced its participation in the Macau gaming license tender in mid-September, we believe the market never thought it had a serious chance,\u201d according to the Citi analysts.<\/p>\n

How Genting Can Get Into Macau<\/h2>\n

For now, it appears likely the provisional licenses will turn into the expected 10-year permits. But that doesn\u2019t mean Genting is out of options for entering the SAR.<\/p>\n

As noted above, analysts believe Genting can establish a Macau footprint via a joint venture or by providing capital to a financially strapped operator. On the latter front, speculation has widely centered around SJM Holdings<\/a>. Macau concessionaires are facing spending obligations. But it remains to be seen if they need outside assistance to meet those requirements.<\/p>\n

\u201cThe only known unknowns are: minimum investment requirements for the next 10 years (we estimate US$2 billion to US$3 billion+ per operator, with bigger operators such as Galaxy\/Sands spending on the higher ends; see our note), which we expect to be fairly reasonable; and annual concession premium (vs. currently ranging from US$15 million to US$45 million, subject to the number of tables\/slots), which we also expect to change incrementally and reasonably,\u201d <\/strong>noted JPMorgan\u2019s Kim.<\/p>\n","protected":false},"excerpt":{"rendered":"

Genting Malaysia\u2019s hopes of procuring a Macau gaming license were dashed over the weekend, as authorities in the special administrative region (SAR) awarded provisional permits to the six established concessionaires. But some analysts believe there are still ways the company can enter the Asia-Pacific casino hub. Genting surprised the gaming industry in September when an […]<\/p>\n","protected":false},"author":46,"featured_media":245378,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,62],"tags":[81913,81897],"acf":[],"yoast_head":"\nGenting May Need To Take Different Approach To Realize Macau Ambition<\/title>\n<meta name=\"description\" content=\"Genting can still find ways to enter Macau despite not winning a casino permit.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/genting-may-need-to-take-different-approach-to-realize-macau-ambition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Genting May Need To Take Different Approach To Realize Macau Ambition\" \/>\n<meta property=\"og:description\" content=\"Genting can still find ways to enter Macau despite not winning a casino permit.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/genting-may-need-to-take-different-approach-to-realize-macau-ambition\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-28T23:58:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-29T00:40:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/cotai.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/genting-may-need-to-take-different-approach-to-realize-macau-ambition\/\",\"url\":\"https:\/\/www.casino.org\/news\/genting-may-need-to-take-different-approach-to-realize-macau-ambition\/\",\"name\":\"Genting May Need To Take Different Approach To Realize Macau Ambition\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/genting-may-need-to-take-different-approach-to-realize-macau-ambition\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/genting-may-need-to-take-different-approach-to-realize-macau-ambition\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/cotai.jpg\",\"datePublished\":\"2022-11-28T23:58:38+00:00\",\"dateModified\":\"2022-11-29T00:40:11+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Genting can still find ways to enter Macau despite not winning a casino permit.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/genting-may-need-to-take-different-approach-to-realize-macau-ambition\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/genting-may-need-to-take-different-approach-to-realize-macau-ambition\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/genting-may-need-to-take-different-approach-to-realize-macau-ambition\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/cotai.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/cotai.jpg\",\"width\":1280,\"height\":720,\"caption\":\"Part of the Cotai Strip in Macau. 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