Recently, the officials responsible for the gambling market of Macau have proposed a new change to the existing regulations. The new document has suggested limiting the count of gaming chips that circulate in the gaming establishments of the territory. This is likely to lead to restrictions when it comes to withdrawing a large sum of money.
This significant alteration to the Macau gambling industry was a part of draft legislation that is in the process of being reviewed. The financial officials of the jurisdiction are planning on encouraging the adoption of this law.
Therefore, in this scenario, gambling companies and establishments will need to go through some paperwork to gain new chips. In addition, they will be asked to confirm their worth through the use of money or credits.
The gambling expert Ben Lee gave his insight on the upcoming regulations. He predicted that a lot of discussions around this subject will take place, and eventually, the companies will find a way to deal with it. In his opinion, the majority of local casinos will struggle with making immediate deposits for chips, since they do not have the money on hand. Such assets are usually put in banks or made liquid.
A gaming law specialist, Antonio Lobo Vilela, considers the new change to be important since it directly influences the reputation of Macau as a popular gambling tourist spot. He considers it crucial to pass this law, but also to require as little supply and resources for covering the expenses as possible.
There is another proposal in the draft law, which is based on the public listing of the shares. According to it, the companies that own casino establishments in Macau will only be permitted to list 30% of their stakes.
It is known that none of the Macau-based enterprises has a local licence, and all of them have used the assistance of affiliates to obtain those. Besides, they are all listed in other regions of the world.
This change was proposed to strengthen the relationship between Macau and its companies. As confirmed by the government’s representative, Lei Wai Nong, it is not designed with the purpose to prevent the search for financial assistance by said businesses. It was also stated that the first draft of the bill was successfully approved.
The experts expressed some concerns about the last edition of the new bill. Both Vilela and Lee voiced their disapproval of this decision.
In Vilela’s words, if officials responsible for drafting received any consultations, they would have known that in this case, Macau-based enterprises would not be able to receive their listing. Additionally, he reminded that this direct process of companies is not a common practice in the gambling business, because of possible difficulties with taxes.
Lee has also communicated his misunderstanding of the situation, saying that the caps in this scenario are unnecessary. He advised capping the holding groups instead for more effective management of the situation.
The new law is about to be reviewed in the next committee meeting. It is expected that the officials will make some adjustments to it and then send it to the final assessment.
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