The Macau SAR Government will demand casino operators inform the Chief Executive before making any “major financial decisions” or risk facing large fines or even revocation of their gaming concessions.
The Second Standing Committee of Macau’s Legislative Assembly (AL) continued its discussions on proposed amendments to the gaming law with the government’s representatives on Tuesday.
According to the President of the Second Standing Committee, Chan Chak Mo, the amended gaming law would set a specified financial cut-off whereby concessionaires would need to inform the Chief Executive whenever decisions were made that involved amounts over and above that value. Failure to do so would see the concessionaire fined anywhere from MOP$2 million to MOP$5 million (US$250,000 to US$625,000), with the concession revoked in serious cases.
However, it is currently unclear where the specified financial cut-off might sit or what would constitute “major financial decisions”, such as the payment of dividends to shareholders.
Chan told reporters after Tuesday’s meeting that the government had explained to the AL that each gaming operator had its own scale and investment status so financial requirements would be different for each company.
“The government emphasized that if it is a normal business decision, the government would not disapprove,” Chan said.
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