Genting Billionaire Makes Last-Minute Bid for Macau Casino License

Malaysian billionaire Lim Kok Thay, through his company GMM, submitted a bid for a Macau casino license on Wednesday, just hours before the deadline. This makes GMM the seventh player in the race for just six casino licenses up for grabs in Macau. GMM's regulatory filing stated that the bid represents an opportunity to expand its business in the leisure and hospitality sector, diversify its geographical footprint and participate in the recovery prospects of the Macau gaming segment.

GMM is competing against six incumbent gaming companies: Wynn Macau, MGM China, Galaxy Entertainment, Melco Entertainment, SJM Holdings, and the sixth bidder. Citigroup analysts George Choi and Ryan Cheung said in a research note that Genting does not possess any attributes that are outright superior versus the incumbents. JPMorgan analysts DS Kim and Livy Lyu fear that the recent Genting Hong Kong bankruptcy may not bode well for the GMM’s chances.

However, Ben Lee of iGamiX, an Asia-focused gaming consultancy company, thinks otherwise. He said, “If there was a newcomer whom any of the existing concessionaires would fear, it would be Genting, as Genting is the only one with a successful track record in developing and running theme parks, and willing and able to invest significantly in non-gaming.”