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AP National Business

Macao awards casino licenses to MGM, Sands, Wynn, 3 others

KIFI
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Published 1:12 AM

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Macao has tentatively renewed the casino licenses of MGM Resorts, Las Vegas Sands, Wynn Resorts and three Chinese rivals after they promised to help diversify the economy by investing in non-gambling attractions. The announcement is positive news for owners who have invested billions of dollars to build the Chinese administrative zone near Hong Kong into the biggest global gambling center. But it adds to financial pressure at a time when revenue has plunged under anti-virus restrictions. The government said regulators will negotiate final terms before licenses take effect Jan. 1. The former Portuguese colony is under pressure from Chinese President Xi Jinping’s government to diversify with retailing, entertainment and other industries.

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