The Macau government announced today (14th) that, in order to promote the healthy development of the gaming industry in the Macau SAR, improve industry supervision, and prevent possible negative effects of gaming, the number of grants and the grant period for operating casino games of fortune have been revised, and the number of grants and the grant period for casino games of fortune have been revised. The maximum number of grants is six, and sub-granting is expressly prohibited, and the granting period is not more than 10 years, and can be extended for up to 3 years under exceptional circumstances.
The bill also establishes regulations for the approval of casinos, gaming machines and gaming tables to regulate the scale of gaming of fortune.
[Macao's six major gambling companies] MGM Grand Paradise Chaohao Co., Ltd.
The picture shows MGM Cotai.
(File photo / Photo by Luo Junhao)
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The Macau side pointed out that the Executive Council has completed the discussion of the draft law "Amendment of Law No. 16/2001 (Legal System for Casino Lucky Gaming Operation"), and the relevant bill will be sent to the Legislative Council for deliberation.
The main purpose of formulating this legal system, especially including the operation of casino games of fortune, must be carried out on the premise of safeguarding the security of the country and the Macao SAR, and to promote the moderate diversification and sustainable development of Macao's economy.
The main contents of the bill include strengthening the qualification examination and supervision mechanism for licensed companies, persons involved in gaming industry activities and companies, including clarifying the scope of the subject to be examined, setting the criteria for examining appropriate qualifications and the consequences of not having the appropriate qualifications, by means of This strengthens the government's regulatory tools.
Increase the capital amount of the licensed company to 5 billion patacas to ensure that the licensee of the lottery has sufficient financial resources.
In addition, the proportion of managing directors who are permanent residents of the Macao SAR shall be increased to 15%, and the proportion of listed shares of the approved company or its controlling shareholder shall be restricted, so that the business of the approved company will be more closely related to the establishment of Macao. stable connection.
It stipulates the obligations that the approved company must perform when operating the lottery, and establishes a corresponding penalty system.
In addition, set the social responsibility that the licensed company must undertake, and set transitional requirements for casinos currently located in the real estate of non-licensed companies, so that the existing licensed company that has re-acquired the right to operate the game of fortune can deal with it within a period of 3 years. The matters of such casinos are in compliance with the requirements of the Act that casinos must be located in immovable property owned by the concessionaire.
Macau Announces Amendment to Gaming Law, Up to 6 Terms of Gambling Licenses, Up to 10 Years, Up to 3 Years Extension Tax may be greatly reduced by 80% Macau Gaming Law Consultation Summary: Opinions generally believe that the batch of gaming licenses is at most 6 and the sub-license to Wynn Macau is prohibited. It is reported that the cooperation with gaming junkets will be terminated before the end of the year. The VIP room will be changed to a mass market
