Secretary for Economy and Finance Lei Wai Nong announced yesterday that the maximum percentage of the commission that the city’s junkets – officially known as gaming promoters – will be allowed to be paid by gaming operators is 1.25 per cent of the rolling chip turnover.
The Legislative Assembly (AL) yesterday passed a bill regulating the city’s junket operators; lawmakers had given the bill their conditional approval in April.
Lei made the remarks during a plenary session in the legislature’s hemicycle for the bill’s second and final reading. The policy secretary overseeing the city’s gaming sector said that the government is open-minded to any opinions from the gaming sector regarding the rate of the commission.
According to the new law, each junket operator can only work for one of the city’s six gaming concessionaires and can only engage in gaming promotions in exchange for “commissions” from the respective concessionaire, which can’t exceed 1.25 per cent of the rolling chip turnover.
A junket operator’s minimum capital is MOP 10 million, at least half of which must be held by a local permanent resident aged at least 21.
In addition, the bill proposed a guaranteed requirement for gaming promoter licence applicants, however, Lei said that the amount of the guarantee has not yet been confirmed and will be announced later.
The new law bans the management companies hired by casinos from managing their financial activities, in particular the accounting or settlement of chips and gaming money.
The new law also bars junket operators from taking deposits.
However, the new law allows junket operators and their agents – officially known as “collaborators” – to deposit cash or gaming chips that are used for gaming activities on behalf of the gamblers into a special account opened by the respective gaming company.
In addition, the AL yesterday also passed the 2023 budget bill, allocating MOP 35.62 billion from its extraordinary reserves so as to fill its financial deficit and keep a formally balanced budget, The Macau Post Daily reported.