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Macau’s Executive Council announced that it would amend the legal framework for the gaming industry to prohibit management companies from providing credit to players.
Cheong Weng Chn, Secretary of Administration and Justice and Adriano Marques, Director of the Gaming Inspection and Coordination Bureau, announced Friday afternoon the new law. Only concessionaires and licensed craps are permitted to offer credit, according to the most recent amendments. The bill, if passed, will replace Law 5/2004, “Legal regime for granting credit to gamble or bet in a casino”.
The bill not only stipulates that concessionaires and junkets are only allowed to be creditors but also establishes their obligations, the consequences of breaching these rights and introduces new provisions regarding the powers of surveillance, the powers of public authorities and safeguards, as well as penalties.
Ho said on Friday that the bill, which is still in draft format, will be sent to the Legislative Assembly so it can be scrutinized and voted upon.
The bill confirms the only credit entities will be the concessionaire or gaming junkets. Management company is no longer a credit entity.
Credit can be extended by concessionaires, gaming intermediaries and sub-concessionaires. Management companies, which operate casinos on behalf of concessionaires, are also allowed to sign a contract to do so.
Cheong, at the Friday press conference, said that the government also planned to amend the illegal gambling law to meet the current requirements.
Cheong responded that the amendment was made because of the growth of the gambling sector, and not because the government wanted to change the law to respond to criminal cases.
