Macau's government is extending gaming licenses for the six casino operators in the city. The decision will take some pressure off the Macau sector and the six operators who have not yet submitted their formal applications.
Macau Secretary for Economy and Finance Lei Wai Nong issued a statement on Thursday that the gaming licenses for operators in the region will be extended until December 31 from their current expiration date of June 26.
The extension will apply to Wynn Macau (OTCPK:WYNMF), Sands China (OTCPK:SCHYY), MGM China (OTCPK:MCHVF), SJM Holdings (OTCPK:SJMHF), Galaxy Entertainment (OTCPK:GXYEF) and Melco Resorts (NASDAQ:MLCO), which all have to go through a formal application process to maintain operations in Macau next year.
Macau is looking to recover to its pre-pandemic level of activity when the gross gaming revenue haul of $36.5B was 7X the amount generated on the Las Vegas Strip.
Macau casino stocks popped yesterday off a report that indicated China may end its zero-tolerance COVID policy.