The head of the committee analysing the final draft of Macau’s gaming law amendment bill has said there will be a separate law for VIP gaming promoters.
Macau.- The legislator Chan Chak Mo, head of the committee that’s evaluating the final draft of Macau’s gaming law amendment bill, has said there will be changes to the legal framework concerning junket operations. He said a separate law on VIP gaming promoters will be submitted soon.
Chak Mo said: “Hard or simple we need to have a deadline. Of course, the direction and framework have already been defined. These issues will not be defined tomorrow, everything is already defined.”
He pointed out: “The government did not say when the bill would be submitted but regardless we need to finish the gaming law amendment first. It will be finished before August 15.”
The Gaming Inspection and Co-ordination Bureau (DICJ) has drafted amendments to the gaming promoter regulations in parallel with amendments to Macau’s gaming law bill. Some of the planned changes include raising the minimum capital for junket operators from MOP25,000 to MOP10m and raising capital contributions from MOP100,000 to MOP10m.
Other changes include requiring the names of junkets, financial officers and partners to be published on the Gaming Authority’s website and requiring operators to have at least one Macau permanent resident as a company shareholder.
Macau’s new gaming law will allow junket operators to each provide services to only one casino operator. The bill will also prohibit junkets from turning to third parties to conduct their business, except in “situations deemed necessary by their partners, members of the management body or employees.”
Another measure would require gaming operators to submit details of commissions paid to junkets for the previous month by the 10th day of each month.
Macau’s gaming law amendment bill is expected to get a final reading by June.