Galaxy Entertainment Group Ltd

00027: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$99.00	Rxkhth	Rfwkjhcd

Macao Has Approved Provisional Gaming Licenses; All Six Existing Players Stay in the Game

Jennifer Song

Nov 28, 2022

As expected, the Macao government granted the fresh 10-year gaming concession to the six existing casino operators on a provisional basis. We think the announcement will remove many of the remaining concerns on casino licenses. Although detailed terms of the contracts haven’t been disclosed yet, including the investment pledged by each company and nongaming activities each company planned to develop, we don’t expect material risks toward the finalization of the license grants by the end of December, as Macao’s gaming law amendment has concluded, with major changes in line with majority opinions.

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