Bill Hornbuckle, MGM president and CEO, has said he is not worried about increased oversight of gaming concessionaires and junket operations.
Macau.- Bill Hornbuckle, MGM president and CEO has said that he has no concerns about the proposed changes to Macau’s gaming laws, and that and tighter controls shouldn’t modify the industry.
During an interview with Yahoo Finance, he said the Gaming Inspection and Coordination Bureau (DICJ) already maintained significant oversight over operations.
Hornbuckle noted that he is optimistic as casinos contribute to 80 per cent of government revenue and are a key driver for Macau’s economy. He said: “We are hoping rational minds control in the end because this is the Macau economy.”
A few weeks ago Matt Maddox, chief executive of Wynn Resorts Ltd, expressed a similar opinion. He said Macau’s intention to increase the oversight of gaming concessionaires was a practical decision rather than a punitive one.
According to local media reports, authorities in Macau want to end the current sub-concession system that led to the creation of three additional Macau casino licences. The government also wants to increase the oversight of gaming concessionaires and junket operations, but it will maintain at least six gaming concessions.
Macau’s current casino licences are due to expire in June 2022. However, the city’s gaming laws state that licences can be extended for up to five years from the original 20-year term.
Casino operators request more info on Macau gaming law changes
Representatives of Macau’s casino operators attended a public consultation session with authorities on the revision of the city’s gaming law.
According to local media reports, SJM Holdings Ltd, Galaxy Entertainment Group Ltd and Wynn Macau Ltd expressed concerns about the idea of raising the minimum share capital required for the gaming companies.
Casino operators also said the government should give more details on the proposal that gaming concessionaires should be part held by a Macau resident.