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What is Portugal Offering?
The existing licenses are expected to expire on December 31, 2022. This follows several license extensions brought on by the general decrease in the land-based gambling industry. COVID-19 has been blamed for the decrease in land-based gaming activity. With the opening of the economy, it is expected that many more people will throng land-based casinos and online casinos.What are the Qualifications for Candidates?
The public tenders, which are accessible to both domestic companies and foreign operators with a branch in Portugal, will last for 30 days and pay the winner with the sole right to provide games of chance in the regions. Companies currently operating in the area are found elsewhere around the globe.
Any of these companies needs to be a public limited corporation with offices in either an EU member state or a nation of the European Economic Area that is a signatory to specific anti-money laundering, anti-fraud, and tax administrative cooperation agreements. It should also have all the relevant licenses to work in the country.
What are the Companies that are Licensed to Operate in these areas?
The Figueira da Foz venue, Casino Figueira, is run by the wood manufacturing company, Amorim after the company acquired Sociedade Figueira Praia, SA, the company that had previously held the concession. It is one of the gambling firms that has enjoyed extended licenses during the pandemic.
The Sociedade de Turismo e Diverses de Macau (STDM), a company owned by Stanley Ho and the ultimate owner of Macau concessionaire SJM, runs the other concession, Casino Estoril. Both companies offer a wide range of gambling products in their areas of operation. They are expected to be among the companies seeking new licenses.
There has Been a Slowdown in Gambling Activity
Portugal’s gambling industry has slowed down during the public bidding process. The land-based gambling industry had a 7.2% year-over-year fall in Q1 to €53.9 million, and Q2 saw a further decline in income due to a sharp decline in the number of registered players. It is expected that the numbers will still go down for some time as the general gambling rates continue to plummet around the country.
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