The Second Standing Committee of the Macau Legislative Assembly has revealed that junkets and agents can deposit funds into players’ concessionaire accounts, provided they have the consent of the player in question.
The Second Standing Committee of the Legislative Assembly continued to discuss the city’s junket law, Legal Framework for Operating Games of Chance in Casinos, on Monday, having confirmed only last week that concessionaires are permitted to open “special accounts” for customers. These accounts will hold player funds but will not be allowed to earn interest or bring with them any other financial benefit.
Committee Chairman Chan Chak Mo said Monday that, “In the text submitted by the government, the special account does not necessarily mean that only gamblers can deposit and withdraw money … junkets and agents can have access to gamblers’ accounts as long as the gambler agrees.”
Chan did, however, note that the new junket law refers to the “illegal taking of deposits”, preventing junkets or agents from holding player deposits themselves. “Junkets, agents, management companies and concessionaires who intend to accept deposits of cash, chips or other money from any another person are liable to imprisonment for a maximum of two to five years,” the law reads.
Chan explained that the concept of a “special account” is regulated by money laundering legislation, and the conditions for opening an account are complex. The definition of deposit in this instance is not the same as the offence of “illegal taking of deposits” because the special account cannot provide any pecuniary interest.
The committee chairman also reiterated the rules for gaming junkets, who can only provide services to a concessionaire and cannot engage in revenue share agreements with their partner casino. “Special accounts” can only be opened by the concessionaire and access to cash in these accounts by the junkets and agents is prohibited if the player does not agree.
In reference to the declining number of junket operators in the market, Chan said, “Every year, the Gaming Inspection and Coordination Bureau (DICJ) will provide a maximum number of gaming junkets with which the concessionaire can enter into an intermediary contract. The maximum number will take into account the development of the gaming industry, the size of the junkets and the size of the concessionaire.
The Committee will continue its discussions on Tuesday.
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