The latest version of Macao’s new law on gaming credit includes a provision that empowers the chief executive to terminate a concessionaire’s credit-lending ability on the basis of significant public interest, Inside Asia Gaming reports.
However, the clause does not specify what circumstances might be covered by the new power, the specialist gaming publication says.
The second standing committee of Macao’s Legislative Assembly met to discuss the bill last week. The legislation is expected to come into effect on 1 August, rather than this month as initially scheduled.
[See more: Junket operators are protesting measures to ban them from giving credit]
The bill has been written to more closely regulate credit extension activities in casinos and says that credit can only be given by casinos directly – not through intermediaries such as junket operators, who have vociferously opposed the move.
Junket operators will be permitted to enter into agency contracts with concessionaires, but any money lent or recovered under such agreements must belong to the concessionaire. These contracts would require official approval.
Macao’s authorities have been cracking down on the junket sector in recent years, following the arrest of major industry figures such as Suncity’s Alvin Chau and Tak Chun Group’s Levo Chan.
