Secretary for Economy and Finance Lei Wai Nong said yesterday that the maximum percentage of the commission that the city’s junkets – officially known as gaming promoters – are allowed to be paid from gaming operators is 1.25 percent of the rolling chip turnover.
The Legislative Assembly (AL) yesterday passed a bill regulating the city’s junket operators, the outline of which was passed by the lawmakers in April.
Lei made the remarks during a plenary session in the legislature’s hemicycle for the bill’s second and final reading. The policy secretary overseeing the city’s vitally important gaming sector said that the government is open-minded to any opinions from the gaming sector regarding the rate of the commission.
According to the new law, each junket operator can only work for one of the city’s six gaming concessionaires and can only engage in gaming promotions in exchange for “commissions” from the respective concessionaire, which can’t exceed 1.25 percent of the rolling chip turnover.
A junket operator’s minimum capital is 10 million patacas, at least half of which must be held by a local permanent resident aged at least 21.
In addition, the bill proposed a guarantee requirement for gaming promoter licence applicants, however, Lei said that the amount of the guarantee has not yet been confirmed and will be announced later.
The new law bans the management companies hired by casinos from managing their financial activities, in particular the accounting or settlement of chips and gaming money.
The new law bars junket operators from engaging in deposit taking.
However, the new law allows junket operators and their agents – officially known as “collaborators” – to deposit cash or gaming chips that are used for gaming activities on behalf of the gamblers into a special account opened by the respective gaming company.
In addition, the legislature yesterday also passed the government’s 2023 budget bill, allocating 35.62 billion patacas from its extraordinary reserves so as to fill its financial deficit, i.e., to keep a formally balanced budget.
Secretary for Economy and Finance Lei Wai Nong addresses yesterday’s plenary session in the legislature’s hemicycle.
– Photo courtesy of TDM
