Worry for Macau Casino Operators
Even though Macau has been severely affected by global events over the past 18 months, it is widely believed that the economy is slowly getting back on its feet.
On saying that, concerns have arisen over some of the new laws which have been recommended, which has in turn led to fears that casinos will not be allowed to accept deposits.
To be more specific, a public review in Macau has recommended that in order to prevent the big problem of money laundering, interest-bearing casino deposits should no longer be allowed.
This would have a severe effect on some of the bigger casinos, and any violations of these proposed new laws could be punished with a prison sentence of up to five years.
The good news is that analysts do not believe that casinos will not be allowed to accept interest-paying deposits, with Ryan Ho Hong Wai of the Macao Polytechnic Institute being just one of the industry experts who share this view, he said, “Casino gaming is a cash-based business, after all. I believe that bona fide patrons would still be able to place their chips and cash for gaming purposes in their non-interest-bearing membership accounts, adhering to the regulatory and record-keeping requirements.”
Highly respected Macau gambling lawyer Bruno Ascenção agreed, “The deposit of such funds must solely be used for selling casino gaming chips that the promoter [junket] obtains from the casino operator on credit. Any deposit outside of this scope is illegal.”
The proposed new gaming laws were put up for public review on September 15th, so local residents and representatives from the gambling industry have 45 days to voice any objections to the proposals.
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