Casinos in Macau, the Vegas of the East, have managed to renew crucial gaming licenses. But there's a hefty catch — they need to pump in $15 billion into non-gaming sectors.
Casinos in Macau, also known as the Las Vegas of Asia, are starting their end of the year celebrations early this year — their casino licenses have just been renewed after aBut there's a catch — they need to diversify their offerings away from gambling, at a hefty price tag.
Six casino operators — Sands China, Wynn Macau, Galaxy Entertainment, MGM China, Melco Resorts, and SJM Holdings — have pledged to invest 118.8 billion Macanese patacas, or $14.8 billion, collectively, into non-gambling related activities, Macau's government said in aOver 90% of the investment will go to the development of non-gaming projects and exploring overseas markets.
Gaming licenses for the six major casino operators had expired back in June, throwing into question Macau's future as a gambling hub. These six operators manage Macau's 41 casinos collectively.Among the six gaming companies,
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