Alvin Chau Cheok Wa, CEO of Suncity, has said he doesn’t believe changes to the current city\u2019s gaming laws are intended to end junket operations in the city.<\/p>\n\n\n\n\n\n\n\n
Macau.- Alvin Chau Cheok Wa, CEO of Suncity<\/strong>, says he has no fears for now about the proposed changes to Macau’s gaming laws, which aim to strengthen screening of the “suitability” of junkets<\/strong>\u00a0and impose criminal penalties for the already illegal practice of taking cash deposits from for any purpose other than casino gambling.<\/p>\n\n\n\n Cheok Wa said in an interview to the Hong Kong Economic Journal: \u201cIt is not to completely bar the patrons\u2019 capital from coming here<\/strong>: if the patrons don\u2019t pay us, how are we to purchase gaming chips on their behalf?\u201d<\/p>\n\n\n\n He added: “The government is not aiming to trivialise or drive out the junket sector<\/strong>, but to regulate the sector so that it would not hurt Macau\u2019s reputation.”<\/p>\n\n\n\n The public consultation<\/a> on the revision of the city\u2019s gaming law was launched on September 15 and <\/strong>will run until October 29. Authorities expect to finish the amendment of the gaming law<\/strong> by the final quarter this year before presenting a draft bill to the Legislative Assembly. <\/p>\n\n\n\n Macau\u2019s current casino licences are\u00a0due to expire in June 2022<\/strong>. However, the city\u2019s gaming laws state that\u00a0licences can be extended for up to five years<\/strong>\u00a0from the original 20-year term. Authorities say\u00a0Macau\u2019s gaming law<\/a>\u00a0should be reviewed before a fresh public tender process.<\/p>\n\n\n\n In recent years, Macau has seen a number of high-profile cases involving the theft of large amounts of cash <\/strong>deposited by private investors in casinos. According to reports, such incidents usually involve people connected to VIP intermediaries.<\/p>\n\n\n\n A week ago, Police in Macau arrested an employee of a VIP casino venue<\/a> on suspicion of stealing nearly MOP95.5m (US$11.9m) from more than 70 customers.<\/p>\n\n\n\n According to officers, the woman promised to give customers a 1.1 per cent daily interest rate on the funds. However, two of her victims complained that they were unable to withdraw their deposits<\/strong> worth MOP9m. <\/p>\n\n\n\n A group of experts and analysts consulted <\/strong>by Macau News Agency believe the market reaction to possible changes to Macau\u2019s gaming laws was excessive<\/strong>.<\/p>\n\n\n\n Macau possible changes to gaming laws caused casino operators stocks to fall sharply<\/a> this week. Sands China saw a 32.51 per cent drop in its shares while Wynn Resorts\u2019 share price declined by 10.85 per cent.<\/p>\n\n\n\nReaction to Macau gaming laws changes exaggerated, analysts say<\/h2>\n\n\n\n