totositesafe333   Album Posted Sep.20th, 2023, viewed 73 times

Macao Gaming Bill Drafts First Legislative Meeting

Yesterday, the Macau Legislative Council reportedly formally approved the first reading of the region's comprehensive gaming legislation, and submitted the proposed legislation accordingly to a subcommittee for closed-door discussions on possible changes or additions.

According to a report by Inside Asian Gaming, Ray Wai Nong, the economy and finance minister of the former Portuguese residence, has submitted a rough measure, officially titled "Amendment to Law No. 16/2001," to the 33-member legislative council, with required deliberations expected to begin after China's Lunar New Year holiday.


Macau has more than 40 casinos operated by SJM Holdings Limited, Galaxy Entertainment Group Limited, Melco Resorts and Entertainment Limited, MGM China Holdings Limited, Las Vegas Sands Corporation and Wynn Resorts Limited, as well as Wynn Macau Limited. However, sources detailed that the companies' existing licenses are set to expire in June and there is a draft gaming bill that proposes extending the companies' concessions by another decade until the summer of 2032, after rigorous re-bidding exercises.


Ray reportedly told legislators that the development and facilitation of non-game elements in the future will play a key role in the process, with the government focusing on improving corporate social responsibility requirements for future casino licensees. As such, he reportedly explained that the office would ask applicants to present their best ideas before holding negotiations on all relevant adjustments.


"We will set the criteria for non-game elements in the bid to select the best concession targets. Prior to 2016, the game was intended as the first visit of Macao visitors, but it has now changed to non-game elements such as shopping and accommodation. Therefore, non-game elements will be strengthened, enriched and diversified based on the social and market accumulated over the past 20 years."


Inside Asian Gaming reports that one of the major changes included in the draft gaming bill is Macau effectively abolishing satellite casinos and lower concessions by requiring all gambling operators to conduct business outside the premises owned by one of the six concessors. The proposal has been criticized by legislators for the fact that about 7,000 locals are reportedly currently employed in such incidental locations and their owners hold substantial bank loans.

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