GenM subsidiary conditionally accepted to participate in Macau casino bid

GenM subsidiary conditionally accepted to participate in Macau casino bid
-A +A

KUALA LUMPUR (Sept 19): Genting Malaysia Bhd’s (GenM) indirect subsidiary GMM SA has been conditionally accepted to participate in the bid for the award of a new 10-year gaming concession for the operation of casino games of fortune in Macau.

In a report on Sept 17, industry magazine Inside Asian Gaming (IAG) said that should GMM win a tender, it will have to undergo certain further actions, for example the increase of its capital of MOP$1 million to the minimum MOP$5 billion required under the Macau gaming law.

IAG said the tender committee noted that “in accordance with the relevant laws and the tender offer, the committee will commence subsequent consultation, negotiation and evaluation with the accepted companies”.

Last week, GenM said it has submitted a bid for the award of a new 10-year gaming concession for the operation of casino games of fortune in Macau.

It said the bid was submitted by GMM to the Macau Special Administrative Region (SAR) last Thursday.

Read also:
Report: Investors in Genting Group might take Macau bid negatively, says Nomura
Gambling giant Macau opens bids from seven casinos, Genting a wild card