Post by Blitz on Apr 8, 2024 7:38:11 GMT -5
CHIEF EXECUTIVE GAINS POWER TO TERMINATE CASINO CREDIT IN NEW BILL
- MONDAY, APRIL 8, 2024 - 12 HOURS AGO NO COMMENTS 790 VIEWS
macaudailytimes.com.mo/chief-executive-gains-power-to-terminate-casino-credit-in-new-bill.html
Lawmakers have added a provision on 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.
The new law grants the Chief Executive power to terminate a concessionaire’s eligibility to issue credit to gamblers if it is deemed of significant public interest, according to the Second Standing Committee.
However, the law does not define what would constitute a significant public interest or warrant termination. It does stipulate that only concessionaires can directly offer gaming credit.
The final version allows junket operators, who had previously extended credit on casinos’ behalf, to still conduct credit activities through an agency contract with a concessionaire.
Under the contracts, money loaned or collected would need to belong to the concessionaire.
Approval from the Secretary for Economy and Finance is also required for any agency agreements between junkets and concessionaires related to gaming credit. The new law establishes an interim period for existing credit arrangements to continue operating under prior rules.
Regulation of the massive credit operations in Macau’s gaming industry was the aim of the legislative amendment.
Staff Reporter
- MONDAY, APRIL 8, 2024 - 12 HOURS AGO NO COMMENTS 790 VIEWS
macaudailytimes.com.mo/chief-executive-gains-power-to-terminate-casino-credit-in-new-bill.html
Lawmakers have added a provision on 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.
The new law grants the Chief Executive power to terminate a concessionaire’s eligibility to issue credit to gamblers if it is deemed of significant public interest, according to the Second Standing Committee.
However, the law does not define what would constitute a significant public interest or warrant termination. It does stipulate that only concessionaires can directly offer gaming credit.
The final version allows junket operators, who had previously extended credit on casinos’ behalf, to still conduct credit activities through an agency contract with a concessionaire.
Under the contracts, money loaned or collected would need to belong to the concessionaire.
Approval from the Secretary for Economy and Finance is also required for any agency agreements between junkets and concessionaires related to gaming credit. The new law establishes an interim period for existing credit arrangements to continue operating under prior rules.
Regulation of the massive credit operations in Macau’s gaming industry was the aim of the legislative amendment.
Staff Reporter