MdME Lawyers, a Macau law firm, says the new legislation aligns with China\u2019s concerns about national security and illegal cross-border capital flows.<\/p>\n\n\n\n\n\n\n\n
Macau.- The law firm MdME Lawyers has concluded that the main objective of Macau\u2019s gaming law amendment bill<\/a>\u00a0was to safeguard national security, introducing an amendment that would allow Macau’s chief executive to terminate franchise contracts if a threat is perceived.<\/p>\n\n\n\n MdME told Asian Gaming Brief, that the Second Committee’s opinion on amending the gambling law showed that the concept of national security includes economic, technological, cyber and financial security. One of Beijing’s top national security concerns is\u00a0illegal cross-border capital outflows<\/strong>, estimated at around $150bn a year. Changes in Macau’s legislation align Macau with efforts to curb outflows.<\/p>\n\n\n\n MdME also noted changes in the economic policy objectives of the Gambling Act, which originally aimed to use gambling as a driver of tourism development, economic growth and social stability. According to the new law, the government will take into account the franchisee\u2019s business activities, investments in non-gaming elements and the overall economy of Macau when determining the number of gaming tables and slot machines allowed.\u00a0<\/p>\n\n\n\n The main objective here is to\u00a0diversify the economy<\/strong>\u00a0and promote sustainable development.<\/p>\n\n\n\n Earlier this month, the government of Macau published the\u00a0framework for the retender<\/a>\u00a0of the city\u2019s gaming licences including the criteria and procedures for the process. The tender will be run on a restricted procedure with prior qualification. At least eight bidders must be admitted to the consultation phase unless otherwise decided by the chief executive.<\/p>\n\n\n\n