Macau casinos will be fined if they fail to inform of major financial decisions
According to Macau’s gaming law amendment bill, casino operators could be fined up to MOP5m (US$620,400) or even see their licence revoked for failing to advise authorities.
Macau.- The legislator Chan Chak Mo, head of the committee that’s evaluating the final draft of Macau’s gaming law amendment bill, said the territory’s six gaming concessions could face fines of up to MOP5m (US$620,400) or even the revocation of licences if they fail to report major financial decisions that carry a value higher than the total investment input pledged in their concession contracts.
The proposed gaming law amendment would require gaming operators to notify Macau’s chief executive of any significant financial decision representing an amount greater than that projected in the concession contract.
Chan Chak Mo said each separate casino operator will establish a projected investment to be implemented through its contract.
He said: “According to the government, this would depend on the scale of each operator or the different phases of its investment. If its predicted investment is MOP5bn and the amount is deemed not enough later, it can be increased but this needs to be communicated to the CE.
“However, this might not just involve a change in the investment amount, it could just be a change in the investment strategy. Government representatives did not specify this. The most important is the changes involve amounts higher than what is predicted in the concession contract.”
In his post-meeting remarks, he also revealed that all six gaming operators have applied for the extension of their current concessions. Macau’s current casino licences were due to expire in June 2022 and a tender process for renewal has yet to be held due to delays in changes to Macau’s gaming legislation. The government will extend the current gaming concessions and sub-concessions for up to six months.
Macau’s gaming law amendment bill is expected to get a final reading by June.
