Macau’s gaming credit legislation approaches final vote in April

Jenny Ortiz March 20, 2024

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Macau’s gaming credit legislation approaches final vote in April

Macau lawmaker Chan Chak Mo disclosed on Tuesday that the proposed amendments to the gaming credit law are slated to undergo a final vote in the Legislative Assembly (AL) in April, marking a significant step forward in regulatory reform.

Originally introduced by the Executive Council in 2023, the bill seeks to establish a comprehensive legal framework governing the provision of credit associated with games of chance, aiming to enhance oversight and accountability within the industry.

Regulations on Credit Extension??

Under the forthcoming legislation, the extension of credit will be restricted solely to licensed gaming operators, tightening regulations around this aspect of the industry to mitigate potential risks and ensure responsible gaming practices.

Role of Junkets??

Junket operators will see their role redefined, permitted only to act as agents for casino operators under contractual agreements, primarily focusing on guest acquisition and reception, a provision intended to streamline operations and accountability.

Regulatory Oversight??

The legislation empowers Macau authorities to review and approve agency partnerships between gaming concessionaires and junkets, ensuring compliance with legal standards and public interests, signalling a heightened focus on regulatory oversight.

Additionally, the government gains authority to mandate modifications to agency contracts, aligning them with legal principles and public welfare, reflecting a proactive stance towards safeguarding industry integrity and consumer protection.

Opposition and Consideration??

Despite progress, opposition has emerged, notably from a group of junket operators expressing dissent through a formal letter.

Their concerns, advocating for the preservation of credit extension capabilities, are under government review, emphasizing potential impacts on tax revenue.??