The Legislative Assembly of Macau has unanimously approved fresh gaming credit legislation set to take effect on August 1st of this year.
The recent legislation, formally titled the “Legal Regime for Granting Credit for Games of Chance in Casinos,” mandates that only gaming operators can extend chips to gamblers as credit, while junkets are prohibited from engaging in credit activities. However, gaming operators have the option to enter into agency appointment contracts or agency outsourcing contracts with junkets, allowing them to assist in finding gamblers seeking credit and earning commissions in the process.
The bill also outlines that any changes to agency contracts between gaming operators and junkets, along with their supplementary documents, must receive approval from the Secretary for Economy and Finance of Macau.
Additionally, the Secretary holds the authority, based on the principles of legality and public interest, to mandate modifications to contract terms between gaming operators and junkets.
In cases where gaming operators fail to meet obligations, the Chief Executive may revoke their qualification for credit business, citing significant public interest. If a gaming operator’s qualification for credit business is revoked under these provisions, any credit provided in accordance with the law remains legally enforceable debt.
Furthermore, addressing the issue of credit risk, the bill mandates that gaming operators establish systems to control credit risks, maintain records of credit activities, and implement effective mechanisms for handling customer complaints.
