Legislators have raised concerns about a proposed rule that states the share capital of junket operators must not fall below MOP10m (US$1.2m).<\/p>\n\n\n\n\n\n\n\n
Macau.-\u00a0Committee chairman Chan Chak Mo<\/strong>\u00a0has revealed that some legislators have concerns about the government’s proposal to increase the minimum registered capital of junket operators from MOP100,000 to MOP10m.<\/p>\n\n\n\n According to a report from TDM, legislators also want an explanation of proposals for the the size of Macau’s junket industry to be considered before issuing or renewing licences \u2013 a measure that could create problems for junkets already licensed or in the process of applying for a licence.<\/p>\n\n\n\n Macau\u2019s Legislative Assembly approved the first reading of\u00a0the new bill on junket businesses<\/a>\u00a0and satellite casinos last week. In the first reading,\u00a030 MPs voted in favour\u00a0<\/strong>and one against. However, some of the legislators who spoke at the debate questioned the viability of satellite casinos continuing to operate under the proposed framework. They raised concerns that local employment could be affected as a result.<\/p>\n\n\n\n According to a press release from the executive committee, the bill aims to improve oversight of the industry. It would allow junket operators to each work with only one casino operator<\/a>. Individuals will no longer be licensed as intermediaries; only companies.<\/p>\n\n\n\n Chan Chak Mo said a revised version of the general gaming law amendment is expected by the end of next week.<\/p>\n\n\n\n The clampdown on junket operators in Macau has spawned another potential blow for casinos. Credit Suisse (Hong Kong) has revealed that Macau casino operators could be jointly liable for up to HKD50m (US$6.37bn) in outstanding liabilities and uncollected debts following the sudden closure of Suncity Group<\/a> and Tak Jun<\/a>\u2018s junket operations.<\/p>\n\n\n\n Its estimate of the operator\u2019s liability is based on a 50 per cent cut of a possible HKD100bn total industry-wide liability. The lower figure is because some agents were unable to travel to Macau to recover funds<\/strong>, possibly due to lack of documentation, and some recovered money over the past two years. Credit Suisse said it believes the Macau government was able to recover a small amount of cash <\/strong>before junket-operator cooperations ended.<\/p>\n","protected":false},"excerpt":{"rendered":" Legislators have raised concerns about a proposed rule that states the share capital of junket operators must not fall below MOP10m (US$1.2m).<\/p>\n","protected":false},"author":176,"featured_media":19174,"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 legislators are debating a new bill significantly overhauling junket operations, proposing a tenfold increase in minimum registered capital to MOP10m and restricting junkets to a single casino operator. These reforms, aimed at enhancing industry oversight, raise concerns about the viability of satellite casinos and potential local employment impacts. Concurrently, Credit Suisse estimates Macau casino operators could face up to US$6.37bn in liabilities from outstanding junket debts following recent closures.","focusai_entities":"Chan Chak Mo, TDM, Macau\u2019s Legislative Assembly, Credit Suisse (Hong Kong), Suncity Group, Tak Jun","focusai_location":"Macau, Hong Kong","focusai_target_profile":"ceo_executive (0.95), regulator (0.98), compliance_legal (0.92), operator_casino (0.98), payments_fraud_aml (0.75), investor_analyst (0.98), supplier_vendor (0.7), journalist_researcher (0.95)","focusai_suggestions":[{"label":"Junket Debt Liability","query":"What specific mechanisms are being considered by the Macau government to mitigate the estimated US$6.37bn in junket-related liabilities for casino operators, and what is the projected timeline for resolution?"},{"label":"Satellite Casino Viability","query":"How will the proposed legislative framework, particularly the single-operator junket restriction and increased capital requirements, impact the operational viability and competitive landscape for Macau's satellite casinos?"}],"footnotes":""},"categories":[16338,154],"tags":[23911,23906],"class_list":["post-29319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-legislation-news","tag-gambling-regulation","tag-macau-casinos"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29319","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=29319"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29319\/revisions"}],"predecessor-version":[{"id":29342,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29319\/revisions\/29342"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/19174"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=29319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=29319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=29319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Macau casinos may have to cover US$6.37bn in junket debts<\/h2>\n\n\n\n