Casino Management Companies No Longer Allowed to Extend Credit Under New Amendment to Macau Gaming Laws
The Macau Executive Council has announced new amendments to the legal regime for the gaming industry which would prohibit management companies from extending credit to players.
The Secretary for Administration and Justice, Cheong Weng Chon, and Director of the Gaming Inspection and Coordination Bureau (DICJ), Adriano Marques Ho, announced the new law at the Executive Council on Friday afternoon, with only concessionaires and licensed junkets permitted to issue credit under the latest amendments. If passed, the bill will replace the current law on gaming credit, Law 5/2004 “Legal regime of granting credit for gambling or betting in a casino”.
The bill will not only provide that only concessionaires and junkets can be creditors, it will also re-establish their obligations and the consequences for breaches of these rights, and introduce new provisions on the powers of supervision, powers of public authorities, safeguards and penalties.
“The bill will be referred to the Legislative Assembly for scrutiny and voting, and is still in draft form,” said Ho on Friday.
“The bill confirms that the only credit entities are the concessionaire and the gaming junkets, and that management company will no longer be a credit entity.”
Under the current law, credit can be granted by concessionaires, sub-concessionaires and gaming intermediaries, with management companies – those who operate casinos under the license of a concessionaire – also able to enter into a contract with the concessionaire to extend credit.
At Friday’s press conference, Cheong said the government was also planning make a comprehensive amendment to the law around illegal gambling to ensure it meets current day requirements.
As to whether this is in response to the recent cases involving former junkets Suncity and Tak Chun – who have both seen former staff imprisoned this year, Cheong explained, “This law was amended because of the development of the gambling industry, not because the government is trying to amend the law in response to certain criminal cases.”
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