Lawmakers in Macau have introduced a provision concerning the “termination of the qualification of the concessionaire to engage in gaming credit activities” in the final version of the new law on gaming credit.
According to the Second Standing Committee, the new law empowers the Chief Executive to revoke a concessionaire’s eligibility to issue credit to gamblers if it is deemed to be of significant public interest, Macau Daily Times reported.
However, the law does not explicitly define what constitutes “significant public interest” or grounds for termination. It does specify that only concessionaires are authorized to directly offer gaming credit.
The finalized version permits junket operators, previously responsible for extending credit on behalf of casinos, to continue conducting credit activities through agency contracts with concessionaires. Under these contracts, any money loaned or collected must be owned by the concessionaire, the report said.
Approval from the Secretary for Economy and Finance is mandated for any agency agreements between junkets and concessionaires related to gaming credit. Additionally, the new law establishes an interim period for existing credit arrangements to continue operating under previous regulations.
The legislative amendment aims to regulate the extensive credit operations within Macau’s gaming industry.
Original article: https://www.yogonet.com/international/noticias/2024/04/11/71667-macau-to-implement-stricter-regulations-on-gaming-credit-activities
