Three major gaming companies are seeking land grant approvals on Macau’s Cotai Strip but only two probably will be approved sometime this year, a government official said Monday.
According to a report in Macau Daily Times, Jaime Carion, director of the Lands and Public Works Bureau, expressed doubt that all three could be approved.
"Fire safety regulations must be followed strictly. There can’t be any loopholes. The gaming operator had some adjustments regarding this, but in the end they made a decision," Carion was quoted as saying by TDM News.
Involved are Sociedade de Jogos de Macau (SJM), the company that was formed by gaming mogul Stanley Ho but is now run by members of his family; Wynn Macau, the subsidiary of Wynn Resorts Ltd. (WYNN), and MGM China, the company that is 51-percent owned by MGM Resorts International (MGM).
"In terms of the proposal the operators submitted to the government," Carion said, "they have to be doable technically, architecturally and legally, then we enter the approval process."
Government delays in granting approvals for land grant applications have caused consternation among the gaming companies involved. Last September, Wynn Macau announced it had agreed to pay a multi-million premium for a piece of land, located near the City of Dreams casino, a property owned by Melco Crown Entertainment and considered one of the most successful gaming properties in Macau.
At the time, CEO Steve Wynn said he was prepared to begin construction as soon as approval was given. However, the Macau government announced shortly afterward that the premium payment announcement was premature and the deal had not been settled.
SJM also said the government had approved its application in principal but it had not received any information regarding the premium payment. The company’s development location is next to the Macau Dome.
MGM also says it has a piece of land for development but has not identified the Cotai site. However, it has been reported that the site is about three times smaller than the Wynn site.
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