Non -gaming as a basic precept of business.
“Genting has several things going in its favor,” he says. Bernstein, “there are other ties in China that could prove valuable to Genting’s pursuit of eventual entry into Macau.”īen Lee, gaming industry veteran and managing partner of consultancy iGamiX, agrees that Genting’s bid should be taken seriously. Genting sponsored the Genting Snow Park ski resort in Hebei Province, which was used as a venue at the 2022 Winter Olympics in Beijing, and according to a September note from brokerage Sanford C. For another, the Malaysian company purportedly enjoys a strong relationship with the Chinese government.
Initially, the bid wasn’t perceived as a threat to the incumbents, and most gaming analysts stood by their belief that the current concessionaires would renew their licenses and keep doing business for another 10 years.īut Genting has a few things going for it: for one, a history of investing in non-gaming attractions, in line with President Xi Jinping’s demand that Macau diversify its economy to be less reliant on gaming. In mid-September, a unit of Malaysian casino giant Genting staked its claim for one of up to six Macau gaming licenses, submitting a bid “for the operation of casino games of fortune” in the Chinese gaming hub.
