Inside Asian Gaming

IAG APR 2022年4月 亞博匯 69 特寫 seems there is little motivation for concessionaires to be willing buyers. Most satellite properties are years behind — in both scale and quality — the multi-billion dollar integrated resorts of Cotai, plus under “reversion” laws the gaming real estate of those properties must be transferred back to the government at the end of the maximum 10-year concession period. Putting aside the likely unintended consequence of affecting casino properties owned by subsidiary companies of the concessionaires within the same corporate group – and thus considering only those 18 properties traditionally thought of as satellites – the impending cessation of Macau’s satellite casinos will mean different things to different operators. For MGM, Sands and Wynn it is effectively business as usual given that none have any satellites operating under their license. Melco has one, Casino Grand Dragon, while Galaxy has three in Waldo, President and Rio. The other 14 all operate under the license of SJM, creating a significant headache for the company which generated 52% of its 2019 gross gaming revenue via those satellites. There is further rhetoric that has some feeling uneasy. “Gambling is basically the most unpopular issue for a politician,” one source said. “To be on the right side of the Chinese government is to be on the wrong side of the casino industry and vice versa. There are therefore not too many supporters of the big IRs in Macau, despite the fact that they employ a significant amount of the population.” Sources IAG spoke to suggested this conflict makes life particularly difficult for operators at the negotiating table, when those sitting on the other side are compelled to take a somewhat aggressive view towards their businesses. It also explains why Macau Chief Executive Ho Iat Seng barely mentioned gaming – by far the dominant contributor to the SAR’s coffers – in his policy address for either 2021 or 2022. “Our long-term thesis on Macau remains firmly in place – China wants an economically viable and politically healthy Macau and the gaming industry plays a critical role in allowing that to continue.” – Vitaly Umansky 「我們對於澳門的長期論點仍然堅定不移， 中國希望澳門在經濟上可行，政治上健康， 而博彩業將在這方面發揮著關鍵作用。」 – Vitaly Umansky 在澳娛綜合的牌照下營運，為該公司帶 來了很大的麻煩，2019年，澳娛綜合博 彩總收入的52%都是來自衛星賭場。 此外還有一些令人不安的言論。 一位消息人士稱：「賭博基本上是 政治家最不受歡迎的議題。」 「站在中國政府的一邊就是站在博 彩業的對立面，反之亦然。因此，儘管 澳門僱傭了大量人士，但大型綜合度假 村的支持者並不多。」 多位與《亞博匯》交流的消息人士 表示，當談判桌上另一邊的人對他們的 業務採取某種激進的看法時，作為營運 商的日子尤為不好過。 這也解釋了為甚麼澳門特區行政長 官賀一誠在2021年及2022年施政報告中 幾乎沒有提及博彩業。迄今為止，博彩 業仍是特區財政的來源。