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Factbox-How Macau is revising its multi-billion dollar gaming industry

Wednesday, September 15, 2021
Factbox-How Macau is revising its multi-billion dollar gaming industry © Reuters. FILE PHOTO: Electronic monitors are seen inside a casino on the opening day of Sheraton Macao hotel at Sands Cotai Central in Macau September 20, 2012. REUTERS/Tyrone Siu

HONG KONG (Reuters) - Macau's government begins a 45-day public consultation on Wednesday to gauge public opinion on changes to its gaming law ahead of the rebidding process of its multi-billion dollar casinos next year.

WHAT IS HAPPENING?

Casino operators Sands China (OTC:SCHYY), Wynn Macau (OTC:WYNMF), Galaxy Entertainment, SJM Holdings (OTC:SJMHF), Melco Entertainment and MGM China (OTC:MCHVY) are all required to rebid for their licenses, known as concessions, when they expire in June 2022.

Macau stocks plummeted by as much as a third on Wednesday, losing around $14 billion in value, as investors fear the gaming review will lead to tighter regulations in the world's largest gambling hub. [L1N2QH01D]

GOVERNMENT PROPOSAL

Macau has not yet made the rebidding process clear.

A government proposal does not include how many concessions should be granted in future.

Lei Wai Nong, Macau's secretary for economy and finance, said increasing the number could bring "unhealthy competitiveness".

"This can mean that the government might maintain or even reduce the number of concessionaires," he added.

Lei also said the government was open to modifying the current concession period of 20 years but did not give further details.

The government is proposing to increase Macau permanent residents' voting shares in the gaming concessionaires, as well as additional rules on the transfer and distribution of profits to shareholders.

Authorities are also proposing government representatives be selected to participate in casino operators' daily operations to increase supervision.

CONSULTATION PROCESS

Lei has outlined nine main areas proposed by the government to be discussed in the consultation which runs until Oct. 29:

1. Number of gaming concessions to be granted

2. The length of the concessions

3. Strengthened official requirements for the casino operators

4. Employee protection measures

5. Strengthened verification for concessionaires and junket operators

6. Introducing government representatives to monitor day to day operations.

7. Promote projects with non-gaming elements

8. Social responsibility

9. Clarify new criminal liability and administrative punishment system.

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24-09-2021 16:48:32 (UTC+7)

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 EUR/USD1.1735Buy
 GBP/USD1.3707↑ Sell
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 AUD/USD0.7268↑ Sell
 USD/CAD1.2683↑ Buy
 EUR/JPY129.57Buy
 EUR/CHF1.0830Buy
 Gold1,755.15Buy
 Silver22.683Neutral
 Copper4.2283↑ Sell
 Crude Oil WTI73.41↑ Sell
 Brent Oil77.47↑ Sell
 Natural Gas5.089↑ Buy
 US Coffee C192.88↑ Sell
 Euro Stoxx 504,158.65↑ Sell
 S&P 5004,448.98↑ Sell
 DAX15,524.45↑ Sell
 FTSE 1007,056.56↑ Sell
 Hang Seng24,192.16↑ Buy
 Small Cap 20002,259.80↑ Sell
 IBEX 358,867.50Neutral
 BASF63.680↑ Buy
 Bayer46.35Buy
 Allianz191.93↑ Sell
 Adidas281.18↑ Buy
 Lufthansa6.195↑ Sell
 Siemens AG148.74↑ Buy
 Deutsche Bank AG10.736↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,655/ 5,705
(-20/ -20) # 872
SJC HCM5,640/ 5,705
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SJC Hanoi5,640/ 5,707
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SJC Danang5,640/ 5,707
(-30/ -30) # 874
SJC Nhatrang5,640/ 5,707
(-30/ -30) # 874
SJC Cantho5,640/ 5,707
(-30/ -30) # 874
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