Clarification on new gambling laws sought in Macau
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Macau's government put draft proposals concerning its future gaming market out for public consultation. On Monday, junket representatives from the city's casinos attended a meeting to discuss proposed regulatory changes.
Macau is home to 41 casinos run under 20-year licenses issued to six operators. The existing concessions expire next June. New regime could substantially alter the way the city licenses, regulates and supervises its gambling businesses.
The Gaming Inspection and Coordination Bureau proposes nine areas for change in Macau. The number of casino licenses could be reduced and regulators based on gaming floors could also be altered.
The proposals put forward by the Gaming Inspection and Coordination Bureau are subject to a 45-day public consultation. Local junket and casino representatives attended the Monday meeting to gain insights and air their views. Buddy Lam, the Public Relations Senior Vice-President for Galaxy Entertainment Group Limited, asked for further clarification on the potential responsibilities of any new government regulators.
Lawyer Rui Cunha was at the meeting on behalf of SJM Holdings Limited. Kwok Chi Chung, President for the enclave's junket association, asked about how the sector may be legalized and whether members could raise cash from the general public to create a better image.
Junket firms receive a commission for promoting overseas casinos to wealthy gamblers. They also handle their travel, accommodation and foreign banking or credit needs. Recently, their influence has waned due to China's crackdown on capital flight and illicit money transfers.
