Paradise Entertainment eyes Macau casino license foreign expansion

first_img Load More “We welcome the Macau government to grant a new gaming license to a local company like us to create greater competition and benefit the Macau gaming industry,” Shen said.“At the moment it is too early to comment on whether Paradise is qualified to apply because we need to see what the re-tendering process from the government requires, but we welcome whatever is best for us and best for Macau.”The 20-year casino licenses of Macau’s six concessionaires all expire inside the next four years, with SJM and MGM the first to expire in 2020. The remaining four concessionaires expire in 2022.The Macau government has previously announced that it will release details of the re-tendering process in the second half of 2018, with at least one additional license expected to be issued when the time comes.Paradise currently operates two satellite casinos in Macau – Kam Pek under the license of SJM and Waldo under the license of Galaxy. It also supplies the majority of Macau’s Live Multi-Game terminals with almost 5,000 currently installed in various Macau casinos.News of the company’s potential pursuit of its own casino license comes at a time when it is actively looking to expand its operations both locally and abroad. Paradise came close to purchasing the Lan Kwai Fong hotel and casino late last year before the deal fell through at the last minute.Shen told IAG that the company would remain cautious over any other satellite casino opportunities that come its way in Macau but said Paradise was actively looking abroad.“Yes, we are looking to expand outside of Macau,” he said.“We consider ourselves a global company so if the right opportunity is there we will pursue it. We’re open to a number of different options such as a joint venture partnership or simply providing our gaming machines and equipment. We think that our two main business areas – casino operations and the gaming equipment segment – complement one another and give us an advantage because we can test our products in our own casinos and see how the public respond.” RelatedPosts Analysts see long-term opportunity in undervalued Macau stock prices SJM and China Duty Free Group sign binding agreement for Grand Lisboa Palace store Macau satellite casino operator Paradise Entertainment Ltd says it will likely look to apply for a Macau casino license once the re-tendering process gets underway in the next few years as the company eyes new expansion opportunities.Speaking with Inside Asian Gaming this week, Paradise Entertainment’s Investor Relations Manager Bob Shen said that a final decision on whether to apply would be made after the government releases details on the process later this year, but confirmed the company’s interest should a seventh Macau gaming license become a reality. Live Multi-Game drives growth for Macau’s Paradise Entertainment in 1H19last_img