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Interest-free play deposit to casino OK Macau bill

An integrated bill dealing with licensing and regulation issues for Macau’s junket operators and so-called satellite casinos is now likely to be passed at the Legislative Council plenary session “in October or mid-November” after a second and final reading. A newly proposed article in a bill released on Friday says casino concessions may still “provide gamblers with accounts that deposit cash, game chips or other forms of payments for gambling purposes,” but concessions will be barred from “providing gamblers with monetary interest” on established accounts.

This information was provided by veteran local councillor Chan Chak-mo, who chairs the committee tasked with scrutinizing the bill. He spoke to the media after a closed-door committee meeting on Friday, attended by government officials led by Agriculture and Finance Minister Ray Wai. This year, the council will have an annual break during September. Once passed, the bill’s provisions will go into effect at the same time as game concessions of up to six and ten years, likely to begin in January. According to the bill, it will no longer be possible for an individual to get permission as a ‘game promoter’ because junkets are known in Macau. Only Macau corporations will be able to apply. Each Macau junket will only be allowed to work with a single Macau casino concessionary, and sharing casino revenue with a cooperative concessionary will be prohibited.

The bill also proposes criminal penalties for the government’s term “illegal deposit collection” by the Junket operator or “management company” from the general public. The latter is a company that has historically provided management services in so-called satellite casinos. The bill says anyone involved in “illegal receipt of deposits” could face up to five years in prison. The deposit practice, which will be allowed for casino concessions, should comply with rules on anti-money laundering and combating terrorist financing to ensure that game sponsors’ funding sources are “clean,” Chan said. 안전놀이터

“Conscience stores game sponsors’ cash or game chips in their accounts, which is now a practice,” Chan said. “So, according to a new article, they can continue to do so as long as the accounts do not incur any interest payments.” Macau’s casino regulator, the Game Inspection Coordination Bureau, also has the power to set the maximum number of junkets each casino concessionary can have as a partner each year, the bill states. The criteria for setting the cap are based on the Macau government’s consideration of the city’s “overall policy for the gaming industry,” “the size of the junket sector” and “the operational status of each casino concessionary,” Chan said, citing the government’s explanation.

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