The Monetary Authority of Macau (AMCM) assures that loans to satellite casinos do not represent a risk to the financial sector, in the case of their closure by the end of the year.
Broadcaster TDM Canal Macau highlighted a response to an inquiry by Macau legislator Ron Lam, in which the authority indicated that ‘the loans granted to satellite casinos represent, currently, a very small percent of the loans granted by the banking sector’.
Also in response to the legislator, the Gaming Inspection and Coordination Bureau (DICJ) indicates it is prepared to handle market fluctuations due to the upcoming termination of the satellite casino arrangement on December 31st.
The DICJ notes that it is ‘maintaining contact with the sector and the other government bureaus to face any situation which could affect the smooth functioning of the gaming sector and of social stability’.
Some 11 satellite casinos are facing potential closure, nine of which are under the license of legacy gaming operator SJM.
The end of the transition period has caused some concern, raising questions over the fate of their current workers and the possible impact on surrounding businesses.
But the gaming watchdog indicates that it has contingency plans for employees, with the Labor Affairs Bureau evaluating human resources necessities of gaming companies to see about possible transfers to other areas including both front- and back-office roles.
Regarding the movement of gaming tables from the satellite casino properties, the DICJ did not give any new details, stating that it would guarantee that ‘the interests of the SAR regarding taxes and other charges resulting from casino operations are protected’.
