Gaming concessionaires will have to request authorisation from the Macau SAR Chief Executive to carry out activities in other jurisdictions, according to the gaming law amendment bill, which was submitted by the Government to the Legislative Assembly and published this morning.
Before initiating or terminating any gaming activities in other jurisdictions concessionaires will have to inform the Gaming Inspection and Co-ordination Bureau (DICJ) ‘as quick as possible’ if these activities involve any of its shareholders holding a registered capital stake equal or higher than 5 per cent.
All six gaming concessionaires and sub-concessionaires have controlling entities listed in stock exchanges in either Hong Kong or the US. Four parent companies of the local concessionaires and sub-concessionaires control or are linked to gaming operations in other jurisdictions.
According to the current bill proposal, the DICJ will also have to be informed if any investigation is carried out by the gaming authorities in another jurisdiction concerning any gambling activities carried out by these or if any gambling concession is provided in that jurisdiction.
If the controlling shareholder of a local gaming concessionaire is also a licensed gaming operator in any other jurisdiction and authorities in that region decide he can no longer be a shareholder in a Macau licensee, these shares can only be transferred if it is proven this was not either the fault of the local concessionaire or its outside controlling shareholder.
Shareholders holding a registered capital stake equal to or higher than 5 per cent will also share the liability in the payment of administrative fines incurred by the concessionaire.
The transfer of the share stake will also have to be authorised by the Macau SAR Secretary for Economy and Finance.
The bill revealed today also proposed for gaming concessionaires to be subject to an assessment by the DICJ every three years, while gaming promoters will only be allowed to operate with one gaming concessionaire and an annual minimum gross revenue limit will be set via Chief Executive dispatch for each gaming table and slot machine held by gaming concessionaires.
As announced on Friday by the Spokesperson of the Executive Council, the bill sets six as the maximum number of concessions to be awarded to operate for up to 10 years, with a 3-year extension possible under exceptional circumstances.
