Wynn Macau, one of the gaming operators in the world’s largest gaming center, expects its licenses for its two facilities in Macau to be extended past June 26, 2020. That is the date all gaming licenses in Macau will expire.
Wynn Macau is controlled by Las Vegas-based Wynn Resorts (NASDAQ: WYNN). In a statement released last week, Wynn Macau claimed to be following the renewal or extension process and hoping for the best.
“The company is monitoring developments concerning the Macau government’s concession renewal or extension n process, and at this time believes that its concession will be renewed or extended beyond June 26, 2020.”
Las Vegas Sands, Wynn Resorts, and MGM Resorts all combined run nine integrated resorts in Macau. Other gaming companies in Chinese special administrative region (SAR) include Galaxy Entertainment, SJM Holdings, and Melco Resorts & Entertainment.
Market observers believe that the gaming permit renewal issue will gain strength due to the setbacks caused by the coronavirus pandemic.
Macau authorities are trying to factor in the region’s recovery from the pandemic and the license renewal process, further delaying the process.
The recovery process has been slow-moving due to existing travel restrictions that still hamper the monthly gross gaming revenue (GGR). However, Macau law gives authorities room to extend the gaming renewal issue until 2027.
Analysts expect that the licenses for the three US-based Macau operators will be extended or renewed despite the geopolitical tensions lingering between China and the US.