Macau operators to inform CE of “major financial decisions” or face penalties

Gaming concessionaires will be required to inform the Macau chief executive about any “major financial decision” involving amounts higher than what is proposed in their concession contracts, or else face a fine of up to MOP5 million or even possible license revocation, local media reports.

This was one of the proposed amendments to the gaming law, which was discussed during the 10th session of the Legislative Assembly second standing committee.

Speaking to local media after the meeting, head of the Legislative Assembly commission Chan Chak Mo said that each concession contract will establish a proposed predicted investment volume to be carried out by the operator. Any changes in the amount which is higher than what is proposed in the concession contract will need to be communicated to the chief executive.

Source: https://agbrief.com/news/macau/16/03/2022/macau-operators-to-inform-ce-of-major-financial-decisions-or-face-penalties/