In this March 5, 2019 photo, visitors take photos outside the Wynn casino resort with a view of the Grand Lisboa (top center) casino resort building in Macao. (ANTHONY WALLACE / AFP)

HONG KONG – Macao's six incumbent casino firms are set to sign new 10-year contracts on Friday to operate in the world's biggest gambling hub, easing fears of investors and executives after a lengthy bidding process that had threatened to end one company's run.

Incumbent operators Sands China, Wynn Macau, Galaxy Entertainment, MGM China, Melco Resorts and SJM Holdings beat off a surprise bid from Malaysia's Genting to win the six licenses on offer in the special administrative region.

The six incumbent casino operators are expected to focus on non-gaming activities in the new term to diversify away from gambling and attract foreign tourists. Some analysts expect them to make non-gaming investments of up to $15 billion cumulatively over the next decade

The new contracts, which will come into effect on Jan 1, 2023, will be signed at Macao's Government House on Friday by CEOs of the casino companies and the territory's officials.

The operators are expected to focus on non-gaming activities in the new term to diversify away from gambling and attract foreign tourists. Some analysts expect them to make non-gaming investments of up to $15 billion cumulatively over the next decade.

The stakes could not have been higher for the six companies, who depend on Macao's gambling industry for their profitability but have been bleeding billions of dollars for most of the past two years due to COVID-19.

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Genting, with its strong non-gaming track record and mass market appeal, was a credible threat for the Macao operators, many executives and analysts have said.

Previous attempts by Macao to diversify have been unsuccessful, with casino operators shying away from investing in non-gaming due to the high costs, particularly as the gambling industry was far more lucrative. Macao's gambling industry currently accounts for more than 80 percent of government revenues.

Aerial photo taken on July 29, 2020 shows a view of the Penha Chapel atop Penha Hill in Macao. (CHEONG KAM KA / XINHUA)

Operators are expected to invest a total of 100 billion-120 billion patacas ($12.5 billion-$15 billion) in non-gaming over the next decade, with Sands and Galaxy each committing around 25 billion patacas, and the rest putting up 15 billion patacas, said DS Kim, analyst at J.P. Morgan in Hong Kong

But Macao's government laid out conditions in the bidding that it wants the new license holders to prioritice safeguarding local employment, develop the city's overseas tourism market and boost investment in non-gaming areas, including conferences and Chinese medicine.

While the government's awarding of licenses to incumbents signals stability and continuity for the tens of thousands of local residents employed by them, the companies will face far greater accountability on non-gaming initiatives than in the last 20 years, executives and analysts said.

Operators are expected to invest a total of 100 billion-120 billion patacas ($12.5 billion-$15 billion) in non-gaming over the next decade, with Sands and Galaxy each committing around 25 billion patacas, and the rest putting up 15 billion patacas, said DS Kim, analyst at J.P. Morgan in Hong Kong.

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"These projects will bring new players and tourists into the city, who in turn will spend sizable dollars on gambling," he said.

Macao is heavily reliant on mainland visitors. Tourists from greater China account for more than 90 percent of total visit.