Macau to revise gaming credit law
The government of Macau has revealed it may amend the current law regulating gaming credit issued by casino operators and junkets.
Macau.- As they continue to debate the final draft of Macau’s gaming law amendment bill, authorities have announced that the current gaming credit law in Macau may also be amended to improve regulatory standards.
The announcement was made in a memorandum submitted to the Legislative Assembly, along with a new bill that sets out the definitions of junket operators, casino sector management companies and employees. The draft law is titled Regulations on Gambling in Casinos.
The government said that while Law 8/96/M on illegal gambling regulates a number of gambling-related crimes and offences, it was time to update the law.
It said: “The Macau government considers … it is necessary to improve the respective legal regime to strengthen supervision and ensure the healthy and orderly development of the city’s gaming industry.”
Law 8/96/M punishes all forms of operating, promoting or supporting gaming outside of authorised venues, as well as any fraudulent or illegal gaming within authorised areas, or the provision of loans or gaming credits to customers without a licence.
Macau’s Legislative Council approved the first reading of the gaming law amendment bill in January. It is expected to get a final reading by June.
“New gaming bill necessary to enhance industry standards” says Macau CE
Ho Iat Seng, Macau’s chief executive, has spoken about the city’s gaming law amendment bill at a question-and-answer session with members of the city’s Legislative Council. He said the bill was needed to raising regulatory standards, strengthen enforcement and ensure support from authorities in mainland China.
Ho said Macau’s casino industry is currently at one of its lowest points but said that by implementing new “standards for healthy development” in the casino industry, “the city will gain the support of the mainland.”
Without the introduction of such changes, Ho said Macau’s gaming industry would shrink because anyone promoting cross-border gambling would be convicted in mainland China.
