While one market takes a break another picks up steam. From Macau’s licensing moratorium to the Bay State’s first potential casino project, here are the latest developments on the global casino scene.
No New Macau Casinos Until 2025
In addressing the Legislative Assembly last week, Macau Secretary for Economy and Finance Francis Tam Pak Yuen announced plans to impose a moratorium on the issuance of new casino licenses. The ban would be go into effect starting in 2017 and could last up to eight years.With Melco Crown Entertainment’s $2.3 billion Studio City project set to open in 2015 amongst other major developments launching on the popular Cotai Strip, many are beginning to wonder where all the necessary manpower to staff the many large scale resorts and casinos will come from.In light of Macau’s strict policies forbidding the funneling in of foreigners to work on casino floors across the region, the staffing issue is quite serious and the proposed moratorium seems like the most viable solution. Given the fact that in 2013 alone, the city generated over $45 billion in gross gambling revenue and is showing no signs of slowing down, it’s not likely that a temporary licensing ban would negatively impact its economy. There are currently seven resorts being built on Cotai, all scheduled to open in the next three years. What’s more, though the staffing issue is certainly at the heart of the matter, the city itself is currently running out of land to build on. Taking into consideration these shortages, the top finance official’s solution certainly seems logical.
Massachusetts Rumored to Land the Gambling Green Light
The word on the street is that MGM Resorts International’s proposed $800 million casino complex in Springfield, MA will most likely score one of three potential Las Vegas-style casino licenses by the Massachusetts Gaming Commission. As of now it looks as though the Bay State’s gambling regulators will finally be granting MGM the green light. However, there’s still another round of meetings scheduled to discuss possible conditions and stipulations that the commission’s staff and petitioners may want to include in the license. The legislation has been years in the making and has undergone its fair share of debate and controversy. Though Springfield residents and powerful executives have actively voiced their support of the proposal, viewing it as an effective way to boost the economy, the project comes with a major set of implications and all bases must be covered. As the famous saying goes, it ain’t over ‘til the fat lady sings, and it’s looking like she’s slated to belt out her final tune as early as June 13.