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Macau assembly gives first nod to bet-credit bill

May 18, 2023 Latest News, Macau, Top of the deck  

Macau assembly gives first nod to bet-credit bill

Macau’s Legislative Assembly gave on Thursday a first nod to a new bill on casino concessionaire- and junket-issued credit for gambling.

The bill, titled “legal regime of credit concession for gambling in casinos”, states that only casino 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.

The Macau government has also proposed that, via the bill, so-called management companies – the new term for the non-concessionaire entities permitted to run “satellite” casino venues under a concessionaire licence – would not themselves be allowed to “establish any casino gaming credit contract” or perform any related “legal acts”.

The document also proposes several sanctions, including a maximum fine of MOP5.0 million (US$618,932), for any breach of the credit law by a casino concessionaire.

In remarks to legislators during Thursday’s session, Macau’s Secretary for Economy and Finance, Lei Wai Nong (pictured, centre), said the new bill was not very different from the existing legislation, aside for some “technical adjustments”. It will however help Macau’s gaming credit business to develop in a “healthier” way, he added.

The bill will now be scheduled for further deliberation at one of the assembly’s committees, before a final reading at a plenary meeting.

If passed into law by the assembly, the bill would replace an existing gaming credit law – Law No.5/2004. The new law is expected to come into force on January 1 next year, according to the document.

(Updated at 8.40pm, May 18

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