![urban junkit urban junkit](https://i.pinimg.com/originals/f3/1c/8b/f31c8b7e0dfc0d57ceba91000a9f13b4.jpg)
Several changes were introduced in the initial draft bill during the five months it was under evaluation by the AL second standing committee, with the most notable being allowing satellite casinos to continue operating under new managing entity agreements and increasing indirect taxes.
URBAN JUNKIT LICENSE
A gaming concession could also be revoked for reasons of threatening national security or failing to meet the duties of a concessionaire such as paying taxes on time, with the holder having to return its gaming area/ capacity to the government without compensation.Ĭasino operators will have to draw up a plan to promote responsible gambling, while there will be a maximum number of gaming tables and machines each license holder will be allowed to operate, according to the bill. If approved, casino operators would no longer have dedicated junket rooms, and revenue-sharing arrangements between the two parties would be prohibited, while approved VIP promoters will be restricted to only operating in one concessionaire. When setting the number of tables and slots permitted, the CE will consider the license holder’s operations, its investment made in non-gaming elements, and the overall Macau economy. License holders will also be required to have a registered capital of at least MOP5 billion ($618,7 million) for the whole duration of their license concessionaire and anyone holding more than 5% in the operator cannot directly or indirectly hold any capital in any other concessionaire. The 5% tax in indirect taxes could however be reduced if operators manage to attract more overseas players to their casinos, as reported by Macau Business.Īdditionally, casinos now must be located on premises owned by concessionaires, but after a three-year transitional period, casinos in properties not held by the concessionaire (satellite venues) can be operated by a management entity that can only receive management fees for site services and not a share of gaming revenue.
![urban junkit urban junkit](https://i.pinimg.com/originals/18/54/4b/18544b9354efa6bf1faec9e76743e2dd.png)
Macau officials are given the power to punish casino operators for a number of reasons, including under-performing revenue and threatening national security.įurthermore, gaming taxes have been raised marginally from 39% to 40%, including 35% in direct gaming taxes and a flat 5% tax for social welfare and urban development, representing a whole 1% more than before. Under the new legislation, the number of new licenses is limited to six, and the new permits will be given out for up to 10 years, down from the current 20 years. The new bill, approved by the 32 legislators present, will replace legislation in force since 2001, and increase the oversight of SAR authorities in the gaming sector of the city. The finalization of the legislation paves the way for officials to begin the process of issuing new casino licenses, as the current ones expire this year.
![urban junkit urban junkit](https://i.pinimg.com/originals/d1/25/1d/d1251de5d4ff81795bc49e4b0840131a.jpg)
Macau’s Legislative Assembly approved the city's new gaming law on Tuesday.