The gambling-friendly Macau residence reportedly saw two fewer casinos after news broke that operator Galaxy Entertainment Group Limited had closed its Rio and President casinos properties.
According to a report by Inside Asian Gaming, the closure of 'satellite' venues occurred early this morning ahead of the introduction of legislation that is expected to force such companies to commit to new management cost business models. The source detailed that the two city centre facilities were operated by the City Clubs division of Galaxy Entertainment Group, a collaboration that included a nearby casino wallow facility that began in 2004.
Protect your employees:
Galaxy Entertainment Group Limited has reportedly claimed the closure was not due to job losses as all affected workers were "relocated to other casinos within the group with all employment conditions unchanged." The Hong Kong-based operator reportedly disclosed that the relocation would take place if it completed internal inventory and asked team members for their preferred new location.
Reports say you read a statement from Galaxy Entertainment Group Limited...
"They will also be offered vocational training to help them adjust to the new working environment. We appreciate the support and love of the public and the customers of Rio Casino from all walks of life and the presidential casino and we will continue to contribute to Macau's leisure and tourism industry."
6 Scenarios:
All casinos in Macau are operated by Melco Resorts and Entertainment Limited, MGM China Holdings Limited, SJM Holdings Limited, Sands China Limited, Galaxy Entertainment Group Limited, or Wyn Macao Limited. However, some of these companies essentially subcontract their gaming business to 'satellite' partners, who benefit from receiving a portion of all the revenue they can generate.
To be closed:
However, that is expected to change soon, as the draft gaming bill, which is currently passing legislative proceedings, will give such venues three years to abandon or close their previous business models. The list of "satellite" casinos that will close in Macau will reportedly soon include the Grand Emperor Hotel, as well as four run by local company Golden Dragon Group Limited.
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