Macau gaming bill final read maybe in June: legislator

Macau’s Legislative Assembly (pictured) is expected to give a final reading to the gaming law amendment bill by June 26 this year, also the date of the expiry of the city’s six gaming concessions, noted on Monday, legislator Chan Chak Mo, the head of an assembly sub-committee tasked with examining the bill. If so, the government might be able – on a concurrent basis – to start the documentation work required for the gaming-concession retender process.

Mr Chan said so to the local press, following the sub-committee’s first meeting to review the gaming law amendment bill, held behind closed doors with legal consultants from the assembly.

Several legislators that are not part of the sub-committee – including Angela Leong On Kei, co-chairperson and executive director of incumbent operator SJM Holdings Ltd – were permitted to be observers at the Monday meeting.

Mr Chan said Monday’s discussion focused on the bill’s proposed articles on the suitability requirements for the “managing director” of a gaming concession entity; and the government-proposed recognition of a “management company” entity that would be responsible for managing all or part of a casino of a gaming concessionaire. Historically, the concept of a management company has encompassed management services for functions at so-called satellite casinos.

The bill has proposed that the managing director of a gaming concession – who has to be a Macau permanent resident – would need to hold at least 15 percent of the concession entity’s share capital; the requirement is currently set at 10 percent.

Other government suggestions in the bill include the need to increase the minimum share capital requirement for any local casino concessionaire to MOP5 billion (US$625 million) from the existing MOP200-million threshold.

Source: https://www.ggrasia.com/macau-gaming-bill-final-read-maybe-in-june-legislator/