Macau evaluates proposed new credit regime for casinos
A bill aims to establish a legal framework for granting credit.
Macau.- Members of the Legislative Assembly Second Standing Committee are evaluating a new Legal regime for credit concession in casinos. The bill has passed the legislature’s first reading and is expected to be implemented in April.
Only gaming concessionaires would be allowed to offer credit. The legislation was proposed.by the Executive Council in April.
TDM Radio reported after a committee meeting on Friday, that legislator and committee chairman Chan Chak Mo said authorities proposed significant amendments to the draft bill.
According to the current version of the bill being reviewed by a Legislative Assembly panel, a junket operator will be permitted to enter into an agreement with the casino company it represents for credit extension.
Chan Chak Mo said that gaming concessionaires will be recognised as the sole entity responsible. “In the future, only concessionaires will be able to provide gamblers with chips, and intermediaries will no longer have the ability to do so in a personal capacity,” he said.
Promoters would no longer provide chips but would still be able to assist gaming operators in finding or accommodating gamblers, among other roles.
Under the new legislation, Macau authorities would have the legal authority to review and approve each partnership between gaming concessionaires and junkets. The government would also be able to require casino operators to modify the content of agency contracts based on principles of legality and public interest.
See also: Macau proposes new penalties for illegal gambling
Chan said the establishment of related agency appointment contracts and supplementary documents, as well as future amendments, would require approval from the Secretary for Economic and Financial Affairs.
