The Legislative Assembly passed on Friday the government’s gaming credit law, which will replace Macau’s current law regulating the city’s casino credit operations enacted in 2004. The new law will take effect in August this year.
The law stipulates that only gaming concessionaires can be credit-granting entities, while junket operators – officially known as gaming promoters, cannot become a credit-granting entity unless they have been formally authorised by their respective gaming concessionaires.
The authorisation agreement between junket operators and gaming concessionaires must be in writing and notarised, the draft of which must be submitted to the Secretary for Economy and Finance for approval, according to the law.
The government can ask gaming concessionaires to change the contract in accordance with the principles of legality and public interest, according to the law.
The Chief Executive may terminate any gaming concessionaires’ eligibility to grant credit on grounds of significant public interest, irrespective of whether they have fulfilled their relevant obligations.
The law stipulates that the Gaming Inspection and Coordination Bureau (DICJ) will conduct regular reviews of the financial strength of the gaming concessionaires, and require them to register the relevant transaction information for gaming activities, gaming credits or repayments for large transactions.
The law requires the gaming concessionaires to set up a credit-risk control system and to conduct their credit business in a prudent manner, including establishing a clear record system for credit activities, putting in place security measures to ensure data protection, and setting out standard operating procedures for granting gamblers credit.
Secretary for Economy and Finance Lei Wai Nong addresses Friday’s plenary session about lawmakers’ vote on the government-drafted gaming credit law. – Photo courtesy of TDM
