Matt Maddox, chief executive of Wynn Resorts Ltd, believes Macau\u2019s intention to increase the oversight of gaming concessionaires was a practical decision rather than a punitive one.<\/p>\n\n\n\n\n\n\n\n
Macau.-\u00a0Matt Maddox, CEO of Wynn Resorts Co<\/strong>, the parent company of Wynn Macau, believes that recent proposals for the future regulation of Macau\u2019s casino industry are “practical”, not punitive.<\/p>\n\n\n\n In an interview with the business news channel CNBC, he said Macau is aiming to become a highly regulated environment<\/strong>\u00a0like in the United States. <\/p>\n\n\n\n He said:\u00a0“I have a very, very bullish view of the future of Macau\u00a0<\/strong>and what we\u2019re going to see going forward.”<\/p>\n\n\n\n Wynn Macau currently employs 15,000 workers. Its share price<\/a>\u00a0declined by 10.85 per cent after reports of a\u00a0possible change in current gaming laws<\/a>.<\/p>\n\n\n\n Authorities want to end the current sub-concession system<\/strong>\u00a0that led to the creation of three additional Macau casino licences and\u00a0to increase the oversight of gaming concessionaires and junket operations<\/strong>. They will, however, maintain at least six gaming concessions.<\/p>\n\n\n\n They have also proposed\u00a0the election of \u201cdelegates\u201d to Macau\u2019s gaming concessions<\/strong> to allow \u201cgreater checking\u201d on the activity of the gaming firms. A delegate system is already used to monitor other forms of public concession.<\/p>\n\n\n\n Government delegates would be assigned to gaming concessionaries\u00a0<\/strong>to enable the direct monitoring of daily operations. Authorities have also suggested that\u00a0administrators should meet certain requirements<\/strong>\u00a0and get government endorsement before distributing profits, regardless of whether it be in cash or shares.<\/p>\n\n\n\n Analysts at Bloomberg believe that the government of Macau could impose higher requirements for capital investment<\/strong> or restrictions on expenditures on casino operators with a US parent company<\/strong>.<\/p>\n\n\n\n That would mean that compared to other companies,\u00a0Wynn Macau and Sands China could see less favourable conditions<\/strong>\u00a0as both casino operators have high dividend payouts and large exposure.<\/p>\n\n\n\n Representatives of Macau\u2019s casino operators<\/strong>\u00a0have attended a public consultation session with authorities on the revision of the city\u2019s gaming law.<\/p>\n\n\n\n According to local media reports, SJM Holdings Ltd, Galaxy Entertainment Group Ltd and Wynn Macau Ltd <\/strong>expressed concerns about the idea of raising the minimum share capital required for the gaming companies.<\/p>\n\n\n\n Casino operators also said the government should give more details on the proposal that gaming concessionaires should be part held by a Macau resident.<\/p>\n\n\n\n Linda Chen, vice-chairman and chief operating officer of Wynn Macau Ltd, claimed further guidance on the suggestion that administrators should meet certain requirements<\/strong> and get government endorsement before distributing profits, regardless of whether it be in cash or shares.<\/p>\n\n\n\n Chen said: \u201cAs long as the regulatory aspect as defined in this legal framework is transparent, it will be positive and good for our industry\u2019s long-term development.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" Matt Maddox, chief executive of Wynn Resorts Ltd, believes Macau\u2019s intention to increase the oversight of gaming concessionaires was a practical decision rather than a punitive one.<\/p>\n","protected":false},"author":176,"featured_media":22971,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Macau's government is proposing significant revisions to its gaming law, aiming for increased regulatory oversight, including the introduction of government delegates, stricter capital requirements, and local ownership mandates. While Wynn Resorts' CEO views these changes as practical, operators like Wynn Macau, SJM Holdings, and Galaxy Entertainment Group have expressed concerns regarding the lack of detail on specific proposals. These changes are poised to reshape the operational and governance frameworks for gaming concessionaires.","focusai_entities":"Wynn Resorts Ltd, Matt Maddox, Wynn Macau, CNBC, Sands China, Bloomberg, SJM Holdings Ltd, Galaxy Entertainment Group Ltd, Linda Chen","focusai_location":"Macau, United States","focusai_target_profile":"ceo_executive (0.95), regulator (0.98), compliance_legal (0.92), operator_casino (0.97), investor_analyst (0.95), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Concession Renewal Process?","query":"What specific changes to the concession renewal process are anticipated given the proposed increase in government oversight and delegate assignments?"},{"label":"US Operator Impact?","query":"How might the proposed capital investment requirements and restrictions on expenditures disproportionately impact US-parented concessionaires' dividend policies and market competitiveness?"}],"footnotes":""},"categories":[16338,156,158],"tags":[23906],"class_list":["post-22970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-regulation-news","category-slider-home","tag-macau-casinos"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22970","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=22970"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22970\/revisions"}],"predecessor-version":[{"id":22977,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/22970\/revisions\/22977"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/22971"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=22970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=22970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=22970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Authorities to impose stricter rules for Wynn Macau, analysts say<\/h2>\n\n\n\n
Casino operators request more info on Macau gaming law changes<\/h2>\n\n\n\n