![]() ![]() Macao’s economy has shrunk since anti-virus restrictions that shut down most tourist travel were imposed in 2020. It gave no details, but TDM Radio Macau reported earlier the winners would be expected to invest a total of $12.5 billion. License applicants promised to fulfill requirements including “exploring overseas customer markets and developing non-gaming projects,” a government statement said. It’s under pressure from Chinese President Xi Jinping’s government to diversify with retailing, entertainment and other industries and to reduce reliance on gamblers from the mainland, its main revenue source. The territory of 700,000 people on a peninsula in the South China Sea is the world’s most tourism-dependent economy. Genting Malaysia MY:4715, which had its license rejected, didn’t trade due to a market holiday. A seventh bidder, newcomer Genting Group of Malaysia, received no license. 1, the office of Chief Executive Ho Iat Seng announced. Regulators will negotiate final terms before licenses take effect Jan. But the requirement to spend on theme parks, music and sports adds to financial pressure at a time when revenue has plunged under anti-virus restrictions. The announcement is positive news for owners who have invested billions of dollars to build the former Portuguese colony near Hong Kong into the biggest global gambling center. ![]()
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