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Macau SAR Government signs concession contract with Galaxy Casino, S.A
The Macau SAR Government signed Wednesday a concession contract with Galaxy Casino, S.A. for a 20-year concession in casino gaming operation.
Chief Executive Edmund Ho and Representatives of Galaxy Casino, Fan Siu Pang and Lui Che Woo signed the contract on behalf of the two parties.
According to the contract, the concession is valid from 27 June 2002 to 26 June 2022.
The concessionaire is obligated to fulfill the projected investment of 8.8 billion patacas within 10 years, including two resorts and a conference center to be open before the end of 2006. Any dividend in investment could be designated to the expenditure of projects that would benefit the SAR.
The contract has also stipulated the financial liabilities of the concessionaire, which included: an annual payment of 1.6% of the gross gaming casino revenue to a public foundation for the promotion and development of cultural, social, economic, educational, scientific and charity activities; an annual payment 2.4% of the gross casino revenue for urban development and construction, promotion of tourism and social security, on top of the casino tax (35% of the Gross Income) stipulated by relative laws.
In addition, the concessionaire is also liable for a fixed premium of 30 million patacas starting from June 2005 or the inauguration day of their first casino, plus a variable premium according the number of gaming tables and machineries such as slot machines in operation annually.
Secretary for Economy and Finance, Francis Tam who heads the Tender committee said in the press conference that the Government has set different terms in the contracts with Wynn Resorts and Galaxy Casino, taking into consideration that the two new concessionaires could only start the operation of their flag-ship facility in a few years' time while Macau Gaming Company could start right away with what they have inherited from STDM.
The advantage of being experienced in the local market was also considered, said Mr. Tam, thus lower requirement on contributions to charity and community were given to the two new concessionaires, in the purpose of creating an environment for fair competitions.
Mr. Tam said that the Tender Committee would be reformed into Gaming Policy Consultant Committee, which would establish contacts with international gaming monitoring authorities, in order to perfect the system and meet with the international standards.
He also said that the Government would in the future continue in perfecting relative regulations and laws, in respond to the new situation.
Macau SAR Government signs concession contract with Wynn Resort Ltd.
The Macau SAR Government,
Tuesday, signed a concession contract with Wynn Resorts (Macau) Ltd. for a 20-year concession in casino gaming operation.
Chief Executive Edmund Ho and Steven Wynn signed the contract on behalf of the two parties.
According to the contract, the concession is valid from 27 June 2002 to 26 June 2022.
The concessionaire is obligated to fulfill the projected investment of 4 billion patacas within 7 years from the signing of the contract.
The contract stipulated that the first hotel, casino and recreational complex under the operation of Wynn Resort must be completed and open to the publics before the end of 2006.
The contract has also stipulated the financial liabilities of the concessionaire, which included: an annual payment of 1.6% of the gross gaming casino revenue to a public foundation for the promotion and development of cultural, social, economic, educational, scientific and charity activities; an annual payment 2.4% of the gross casino revenue for urban development and construction, promotion of tourism and social security, on top of the casino tax (35% of the Gross Income) stipulated by relative laws.
In addition, the concessionaire is also liable for a fixed premium of 30 million patacas starting from June 2005 or the inauguration day of their first casino, plus a variable premium according the number of gaming tables and machineries such as slot machines in operation annually.
Wynn Resorts (Macau) Ltd. has agreed with the Praia Grande Company on establishing the first hotel and casino complex beside the Nam Van Lake, where the current Macao Trade Fair located, with the coordination of the Government.
Secretary Francis Tam said in the press conference after the signing of the contract that the SAR Government believed that the location of the complex would help to promote the overall economy of Macao.
Secretary Tam said that the SAR Government was keen to create an environment that international investors would feel comfortable and secure, and would find rooms for development.
He also stressed that it is the initiative of the SAR Government to have a real liberalization of gaming industry, which is in favor of the overall development of the local economy. |
