Inside Asian Gaming

IAG FEB 2022年2月 亞博匯 12 澳門不太可能在賭牌重投 時對美國營運商作區別對待 MACAU UNLIKELY TO TREAT US CASINO OPERATORS DIFFERENTLY IN LICENSE RE-TENDERING THERE IS “no obvious evidence” that Macau’s three US-owned casino concessionaires will be treated any differently under the SAR’s upcoming re-tender process for gaming licenses than home- grown entities, according to a research note from ratings agency Fitch. In a lengthy paper detailing its decision in December to place Macau’s six operators and their respective credit complexes on Rating Watch Negative (RWN), Fitch analysts said they were confident the three US-controlled firms – Sands China, MGM China and Wynn Macau Ltd – had done enough over the past 20 years to earn the trust of authorities in Macau and mainland China. “There is no obvious evidence yet thatWestern-controlledMacau operators will be treated differently by the mainland government,” they wrote, pointing to recent political tensions between the US and China. “The operating subsidiaries are ultimately owned by Hong Kong-listed public entities, are large local employers, have invested tens of billions of US dollars in capital and consistently promoted the government’s social goals. “There are also local and Chinese influential figures on the Hong Kong-listed boards of directors (e.g. Pansy Ho for MGM China). “All Macau operators have been supportive of broader local policy goals. They have ensured employment through the pandemic despite meaningfully reduced revenue and paid billions in US dollar-equivalent gaming taxes over the years. “In 2016, all six concessionaires scored well during this concession term’s interim review by the government. Criteria included operating conditions, corporate social responsibility and junkets. It’s worth noting that the then-Secretary for Economy and Finance said that no direct relationship existed between the review and the gaming license renewal process.” 評級機構 惠譽發表的一份研究報告指，「沒有明顯證據 表明」在澳門即將啟動的賭牌重投程序中，三家美國賭 場營運商會受到與本土公司不同的對待。 這份報告詳述了為何於去年12月將澳門六家營運商 及其各自信用評級列入「負向面觀察名單(RWN)」惠譽 的分析師們表示對三家美資公司——金沙中國、美高梅 中國及永利澳門——充滿信心。過去二十年中他們已經 做了足夠多的工作來贏得澳門和內地的信任。 他們寫道：「目前尚未有明顯證據表明，受西方控 股的澳門營運商會受到內地政府的不同對待。」 「營運的子公司最終歸香港上市的實體所有，是當 地的大型雇主，已投入數百億美元的資本，並始終如一 地推動政府的社會目標。」 「在香港上市的董事會中也有在澳門本地和中國有 影響力的人物（例如美高梅中國的何超瓊）。」 「所有澳門營運商都支持更廣泛的本地政策目標。 儘管多年來收入顯著減少並支付了數十億美元等值的博 彩稅，但他們在疫情期間確保了就業。」 「在2016年，所有六家特許經營商在政府對該其專 營期限的中期評估中都取得了良好的成績。評估標準包 括經營條件、企業社會責任和博彩中介人。值得注意的 是，當時的經濟財政司司長曾表示，評估與博彩牌照續 期之間不存在直接關係。」