Genting aims to upend Macau casino landscape in bidding war

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Genting´s strong non-gaming track record, including operating two of the largest theme parks in southeast Asia, would be a big draw for Beijing which has been urging Macau to diversify away from gambling and attract foreign tourists.

«There is massive amounts of data and use cases coming from blockchain technology’s multi-chain world, and insights and data from centralized data stores … and Space and Time sits at the bridge that links them,» Holiday said.

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If one of the incumbents lost their license it’s likely to send tremors throughout Macau´s gambling industry as the companies have collectively invested more than $50 billion in the past two decades, are tied closely to the economic fortunes of the former Portuguese colony and employ tens of thousands of people.

HONG KONG, Sept 30 (Reuters) — Malaysian group Genting has emerged as a strong contender to unseat an incumbent Macau casino operator for a new license, analysts and executives say, unleashing possibly the biggest shakeup in the world´s largest gambling hub in over two decades.

The company, which aims to run analytics on data stored on blockchain as well as outside of it for smart contracts, plans to use the funding to hire more engineers, said Nate Holiday, co-founder, Space and Time.

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Sept 27 (Reuters) — Space and Time, a decentralized data analytics platform, secured $20 million in funding from a group of investors led by Microsoft venture capital arm M12, valuing the company at $300 million.

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A shortened license period of 10 years from 20 years is also not a problem, Song said, as the government would re-allocate facilities and resources to Genting if it won a license, so they «don´t actually need to build everything from the ground.» ($1 = 7.8498 Hong Kong dollars) (Reporting by Farah Master Editing by Shri Navaratnam)

«Macau has been told over and over again to focus less on Chinese VIPs and more on non-gaming but they pretty much paid lip service to that idea. So now… they have to really make a hard divert to that philosophy,» Yin said.

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Genting «can offer the Macau government whatever they expressly said they wanted,» versus the incumbents who have predominantly focused on Chinese VIPs, said Samuel Yin Shao Yang, an analyst at Maybank.

It would cause «far too much disruption» if any of the six operators were replaced, said Terry Ng, an analyst at Daiwa in Hong Kong, although other industry watchers note the incumbents have left themselves vulnerable to an operator like Genting which lost out on a Macau licence in 2002.