Macau\u2019s chief executive Ho Iat Seng spoke about Macau’s new gambling legislation at a question-and-answer session with members of the Legislative Council.<\/p>\n\n\n\n\n\n\n\n
Macau.-\u00a0Ho Iat Seng<\/strong>, Macau\u2019s 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.<\/p>\n\n\n\n Ho said\u00a0Macau’s casino industry is currently at one of its lowest points<\/strong> but said that by implementing new “standards for healthy development” in the casino industry, “the city will gain the support of the mainland.”<\/p>\n\n\n\n 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.\u00a0<\/p>\n\n\n\n He added: \u201cNow, they [the mainland authorities] will be able to guarantee the healthy development of Macau\u2019s gaming industry.”<\/p>\n\n\n\n The amendment bill<\/a> sets out a gaming concession period of up to 10 years that can be extended for a further three years in exceptional circumstances. There would remain up to six concessions but the current sub-concession system<\/a> would end.<\/p>\n\n\n\n The bill proposes that casino operators in Macau be given minimum annual casino gross gaming revenue (GGR) targets<\/strong>, which would be calculated based on the maximum number of gaming tables and gaming machines<\/strong> each gaming concessionaire is permitted to operate.<\/p>\n\n\n\n As for junket operators, the bill would allow them\u00a0to each provide services to only one casino operator<\/strong>.<\/p>\n\n\n\n Ho also referred to “the multiplier”, a practice by which table bets represent private bets between players and junket industry employees, and can be multiples of “official” bets. He described this as “a serious act of tax evasion and has a negative impact on the mainland, and on money laundering efforts.\u201d<\/p>\n\n\n\n A report by Professor Ryan Ho Hong Wai<\/strong>, a lecturer at the Centre for Gaming and Tourism Studies at the Macao Polytechnic University claims Macau\u2019s satellite casinos are \u201cfraught with opacity and undesirable business practices\u201d.<\/p>\n\n\n\n He says the end of the current sub-concession system under Macau\u2019s proposed new gaming law would provide more \u201ctransparency, legal certainty, and full oversight of the city\u2019s gaming industry.\u201d<\/p>\n\n\n\nMacau satellite casinos \u201cfraught with opacity and undesirable business practices\u201d says academic<\/h2>\n\n\n\n