The comprehensive changes passed by the Legislative Assembly in the Special Administrative Region in June will change the way concessionaires, junkets, and even consumers interact with each other.
In its assessment of the current situation, Md ME said that Macau is aligning its industry closer to the preferences of Chinese authorities in Beijing. The powers to end concessionaires contracts are given to the SAR’s regulator to ensure that national security is upheld.
The firm believes that the concept of national security has been extended to include business and the economy, as well as military integrity and strength. The SAR wants to put equal importance on cyber and financial security as well as economic and technological integrity through the passage of these new laws.
The new laws want to make sure that the outflow of $150 billion from the mainland is stopped once and for all. This is a part of the view of national security under the new laws.
The laws are addressing the opportunities for concessionaires or junket operators to explore weaknesses in the previous regulatory setup, including through the use of VIP rooms that used to have little accountability compared to the current read of the law. MdME adds more.
Macau wants to ensure that any money that comes from its gambling industry in the future comes mostly from foreign travelers who are interested in visiting Macau and exploring other aspects of the experience.
China would like its citizens to stop crossing the border with SAR and spend their money there. Concessionaires are an important part of the industry and the economy of the SAR. National security concerns and Beijing’s focus on this aspect of the experience are obvious, as Macau seeks to be less reliant on gambling in the coming years.
The policies that have cut the number of junket operators, reduced the concessionaires’ licenses from 20 to 10 years, and made securing revenue from gambling much harder are reflected in this. It is thought that this will bring about better national security implications.
Macau law firm MdME Lawyers published an overview of the Amendment to the Macau Gaming Law and Public Tender Regulation, the comprehensive changes passed by the Legislative Assembly in the Special Administrative Region (SAR) in June. The firm said that Macau is aligning its industry closer with the preferences of Chinese authorities in Beijing.