Macau continues to bear down on its gambling laws in a bid to overhaul its industry and introduce transparent and tight governing rules that will help gambling be fairer and more sustainable in the long term. To this end, the Macau government confirmed last week that it is going ahead with new laws that would impact gaming credit and how it’s allocated by Macau’s casino concessionaires as well as junket operators.
The changes will focus on a piece of legislation known as Law No. 5/2004 which has been running for a while but may need a quick re-regulation, the government believes. A new bill submitted to the Legislative Assembly is now taking on this ambitious task to overhaul the way gaming credit is extended and under what conditions. Essentially, Macau’s legislators want to improve the way the industry runs and bring in more supervision that would ensure its healthy development.
While the new law that will govern the allocation of gaming credit is not entirely clear at present time, legislators have assured that a more comprehensive bill will be submitted in order to ensure that casino concessionaires and junket operators are not left in the dark and they have a clear-cut set of rules to follow in order to stay compliant with the Macau regime.
Gaming credit, though, may become illegal it seems like extended credit to players may be banned altogether, making for another sweeping change in the industry. More information is needed to determine what the upcoming adjustments in Macau’s gambling law would be but overall, they seem to be focused on junkets.
There have been sweeping changes in the sector. Since the arrest of former Suncity Group Alvin Chau, the junket sector has come under disproportionate level of scrutiny. The industry was put under a microscope and the total number of licenses was slashed in half.
Not only that, but many brands have opted out of maintaining ties with junkets. A key reason behind the decision is Macau’s stance on the relationship between casinos and junkets. The government wants concessionaires to be directly responsible for their junkets and what they do. However, this has proven too much liability for the majority of the brands.
Other changes from the recent weeks include better financial accountability by license holders in Macau and more. Gaming credit is just the latest proposed changes by Macau’s legislators who are keen to diversify the special administrative region’s economy.
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