A new Macau bill on casino concessionaire- and junket-issued credit for gambling is expected to come into force on January 1 next year, according to a document tabled on Tuesday with the city’s Legislative Assembly.
The bill – scheduled for a first reading at the legislature on May 18 (Thursday) – proposes several sanctions, including a maximum fine of MOP5.0 million (US$618,932), for any breach of the credit law by the casino operators.
The bill, titled ‘Legal regime of credit concession for gambling in casinos’, states that only concessionaires and junkets will be permitted to issue credit. Though it proposes that junkets must have a formal contract for the purpose of granting credit, with any gaming concessionaire they tie to, as had been outlined in late April.
According to the draft law, if a concessionaire provides credit via a third party, or transfers that responsibility to an unauthorised third party; or if it fails to establish an “appropriate” risk-management system, it could be fined between MOP2.0 million and MOP5.0 million.
If a junket commits a similar offence, the bill sets down a fine ranging from MOP600,000 to MOP1.5 million.
If a concessionaire does not get approval from the city’s Secretary for Economy and Finance over any proposed amendment to a credit contract, the concessionaire might be fined between MOP600,000 and MOP1.5 million.
Operators could also be fined MOP100,000 to MOP500,000 for some other minor offences, according to the document.
Aside from fines, the government can also suspend for a period of one to 12 months, the licence under which a concessionaire is otherwise permitted to provide credit. Such a ban would also extend to any of the concessionaire’s partnering junkets.
If passed into law by the Legislative Assembly, the bill would replace an existing gaming credit law – Law No. 5/2004.
(Updated 11:03am, May 15)
