Among Macau’s richest businessmen, Chan Meng Kam, could be preparing to go into the procedure which is to select the former Portuguese enclave’s next set of accredited casino operators following rebranding a pair of his local properties to incorporate the word ‘dragon. ’
Entrepreneur eager to ‘take part ’:
According to a report from GGRAsia, 55-year-old Chan is the man behind privately-owned hotel operator Golden Dragon Group and recently disclosed he was eager to ‘participate’ at the upcoming race to get a Macau casino permit.
Casino picture to change out of 2022:
Only six companies encompassing MGM China Holdings Limited, SJM Holdings Limited, Melco Resorts and Entertainment Limited, Galaxy Entertainment Group Limited, Wynn Macau Limited and Las Vegas Sands Corporation are now allowed to run casinos in Macau but this scenario is allegedly because of shift after the expiration of these operators’ exclusivity by 2022.
But, GGRAsia reported that Golden Dragon Group also has casino experience because of match some 200 gambling tables it functions across Macau courtesy of associated piggy-back arrangements with Melco Resorts and Entertainment Limited and SJM Holdings Limited. This portfolio comprises nearly 100 units inside its flagship Resort Golden Dragon also as 20 components because of its Royal Dragon Hotel home, which only opened in September.
Two venues rebranded:
The rebranding practice has now seen Golden Dragon Group change the name of its 209-room Lan Kwai Fong property to Macau Million Dragon. This downtown Macau venue was only obtained from Hong Kong-listed China Star Entertainment Limited for $254.8 million at January and features an 84-table casino as well as stores, restaurants and a spa.
In addition, GGRAsia reported that Grand Dragon Hotel has become the new name for the hotel operator’s 356-room Hotel Taipa Square property in town ’s Taipa district, which comes complete with a 30-table casino alongside a set of restaurants and a gym.
Operators to ‘jockey for position’:
Grant Govertsen from local brokerage company Union Gambling Securities Asia Limited, allegedly told GGRAsia he expects to see all the ‘service suppliers ’ now utilizing piggy-back gaming arrangements in Macau ‘jockey for position’ in hopes of procuring ‘a potential seventh or eighth gambling permit. ’
Govertsen allegedly told GGRAsia…
“Golden Dragon [Group] is at a special position since it controls more casinos and more gambling devices than other service provider operators. We wouldn’t be surprised to see additional action within the service provider section over the next several years.