Macau and legislators are reportedly preparing to remove provisions contained in the draft gaming bill that would prevent anyone with a 5% or more stake in a local casino operator from investing with any rival company.
According to a report by GGRAsia, these possible concessions were revealed by local parliamentarian Chan Chak Mo, as Amendment 16/2001 proposed by the former Portuguese territory continues to be subject to closed-door deliberations. The source detailed that the person is leading a committee tasked with scrutinizing proposed legislation that would regulate the region's lucrative casino industry over the next decade.
The legislative council member reportedly said the committee is likely to change its proposed action within the draft gaming bill setting minimum gross target for six licensed casino operators in Macau, which includes SJM Holdings Limited, Galaxy Entertainment Group Limited, Sands China Limited, Win Macau Limited, Melco Resorts and Entertainment Limited and MGM China Holdings Limited. Rep. Lee reportedly declared that he was in favor of an amendment that would give local authorities the ability to change these margins in the event of "force majeure" or "unpredictable" situations.
The draft gaming bill would impose a duty for licensed casino operators to meet predetermined revenue targets or forfeit a "premium" for the difference between the actual and expected tax bills. Macau is home to some of the world's biggest and most famous gambling venues, such as SJM Holdings' iconic casino Grand Lisboa, and currently imposes a 35% gross gaming revenue tax on all live dealer tables, game consoles and VIP rooms it operates to increase validity to around 39% for all of these facilities.
Chan reportedly told GGRAsia that the removal of investment guidelines would allow Macau casino operators to take advantage of normal business practices, although the government and the regulator of the Gaming Inspection Coordination Bureau were wary of "unfair market competition."
Cross-shareholding issue was highlighted in Macau about four years ago when Galaxy Entertainment Group acquired a 4.9% stake in Win Macau Limited's Las Vegas headquarters parent company, Win Resort Limited. The topic has reportedly been mentioned more in the past regarding local casino magnate Fancy Ho Chiu King, who owns a large stake in MGM China Holdings Limited and holds an indirect stake in SJM Holdings Limited.
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