Malaysian firm makes surprise bid for Macau gaming licence

A company controlled by Malaysian tycoon and Genting chairman Lim Kok Thay has put in a bid for a casino licence in Macau, a surprise challenge to the decades-long oligopoly of the six incumbent operators.

The former Portuguese colony is the only territory in China where casinos are allowed, and issues just six operating concessions for a multibillion-dollar industry that, until the pandemic, was bigger than Las Vegas.

Licences for the current operators -- including MGM China, Sands China and Galaxy Entertainment Group -- will expire at the end of the year, and they face plummeting revenues and heightened regulatory scrutiny from Beijing.

The six operators all submitted bids by Wednesday to renew their licences but the spotlight was stolen by newcomer GMM.

A GMM representative told reporters that the bid was submitted on behalf of leisure and entertainment firm Genting, according to Macao Daily.