Final vote on Macau junket bill by mid-December

The Macau Legislative Council is expected to hold a second reading debate and final vote on the integrated bill to regulate the activities of junket operators and management companies by “mid-December.” The information was released Monday by veteran legislator Chan Chak-mo in comments to local media.

Minister Chan heads the Legislative Council Committee, which is tasked with scrutinizing the Bill. His remarks came after several Macau government officials, including Economy and Finance Minister Ray Wei Nong, held a closed-door meeting on Monday to review a new version of the bill.

The most recent draft included some changes to the original approved by legislators in the first reading vote in April. 경마사이트프로

The Macau government expects the enactment of the bill to coincide with a new generation of casino concession agreements featuring six new 10-year Macau licenses. Local authorities said they hoped to start a new concession period on January 1, 2023.

The latest draft did not include major changes to previously proposed licensing terms and regulatory requirements for Macau’s authorized junket company, known locally as a game promoter, Chan replied to questions from GGRAcia.

Individuals will no longer be allowed as junkets. The Bill states that it is just a company.

Another permit condition proposed by the bill is that junket companies must prepare $10 million ($1.24 million) in stock capital in addition to the bank guarantees they must promise. Each Macau junket is allowed to work with only one Macau casino concessionary.

Chan said the Macau government plans to release information on the maximum number of junket operators each Macau casino operator can work with in the future. The government also plans to release a list of junket partners for each Macau casino operator, it added.

One of the objectives of the Bill is to establish an appropriate scale for the Macau junket sector. The latest draft emphasizes that even more, Chan said.

According to information provided to the Jackie Chan Commission by the government, there are currently 46 licensed junket companies in the Macau market. It was not clear how many of these companies are currently active.

Under the terms of the new legislation, these companies will have to secure a partnership with the owner of a new generation Macau casino concession agreement to ensure that they can continue to operate.

The latest draft includes a new article on the subject of joint responsibility between casino operators and junkets, Mr Chan said. It specifies the joint responsibilities that game contractors and Junket must bear in connection with the Junket production VIP business.