Although he attributed the dramatic decline in such credit issuance in the Macau market before and after the new decade of game concessions that began on Jan. 1.
Ma, vice chairman of Hong Kong-listed Success Universe Group, an investor in Ponte 16, told GGRASIA: "After Macau's update of gaming rules, we've already seen the entire gambling credit business collapse in the market… So I don't think [the new bill] will have much more impact." The property in the inner harbor section of the city is operated under the gaming license of SJM Holdings Inc.
The latest legal proposal regarding the credit for issuing junkets for casino concessions and gambling was outlined by the city administration committee, the government's advisory body, on April 21. Under some of the provisions, the so-called 'management company' - a new term for non-subsidiaries who are not allowed to operate satellite casino venues under a concessionary license - will not be allowed to "establish casino game credit contracts" or perform related "legal acts."
The bill has yet to be considered by the Macau Legislative Council.
Ma said the proposed law "made sense" at least in that it allows the industry and investors to extend game credits.
Ponte 16 said he expects the new legislation to have a "very limited" impact on the city's ongoing satellite casino operator, as most offer cash-play bulk market gambling.
Macau has been reduced to 11 satellite casinos in the new concession era. Ahead of the new scheme, regulatory changes allow third-party promoters of satellite casinos to have the option of transforming into executives and companies, respectively, after a three-year grace period. These executives were unable to share revenue with licensees of satellite casinos, changing from previous practices. 온라인경마
"The Macau government's main goal is seen as fighting capital outflows from China, which is arguably seen as a threat to China's national security," Bruno Asensang, a Macau-based game lawyer, told GGRASIA in some comments on the proposed game credit law.
The lawyer added. "The aim is to limit the institutions that can credit casino games: game concessions and game facilitators. This [policy] obsession with credit stability becomes uncontrollable, affecting economic and social stability."
A separate law regulating the city's junkets and management companies, known as law No. 16/2022, prohibits so-called "cooperators" from issuing gambling credits, who have traditionally collaborated with Macau junkets and supported game promotion businesses.
Law No. 16/2022 also states that management-company companies are prohibited from entering into management agreements with more than one game concessioner, and the casino's "management of financial activities," or "accounting for or settling chips and funds arising from gambling."