Genting Malaysia submits bid for 10-year Macau gaming concession

Genting Malaysia submits bid for 10-year Macau gaming concession
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KUALA LUMPUR (Sept 15): Genting Malaysia Bhd (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.

The bid was submitted by its indirect subsidiary, GMM SA, to the Macau Special Administrative Region (SAR) on Thursday, the group said in a bourse filing.

It said the tender for the gaming concession represents an opportunity for the group to expand its business in the leisure and hospitality sector, as well as diversify its geographical footprint and participate in the recovery prospects of the Macau gaming segment.

“GenM will make appropriate announcements once there is more clarity on the Company’s position in relation to its bid,” the group added.

On Wednesday, Inside Asian Gaming news reported that a company linked to Genting group has been revealed as a surprise seventh bidder for the Macau gaming concession.

“In the final hours before the Macao SAR government closed the submission period for bids under its re-tender process for new concessions, a company called GMM submitted a bid to the bidding committee," the report said.

It said the addition of GMM means there are seven bids for a maximum of six concessions to be granted under Macau’s re-tender process.

GenM shares closed unchanged at RM2.88 on Thursday, valuing the group at RM17.1 billion.

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S Kanagaraju