A revised version of the bill which regulates casino operations and is part of the package of new gaming laws provides that casino concessionaires may take deposits from patrons in cash, chips, or other cash transfer methods. Casino concessionaires may also keep casino earnings in accounts established at the casino cashiers.
This clarification was included in the new version of the bill that was sent by the government to the Legislative Assembly (AL) where the bill is now undergoing detailed analysis at the AL’s second standing committee.
In a press briefing after a committee meeting on Friday, the chairman of the committee, lawmaker Chan Chak Mo, revealed that the new version of the bill is very clear about this issue but, nonetheless, the creation and maintenance of these accounts are restricted to the operators that are subject to anti-money laundering, counterterrorism financing, and other regulations. This confirms that the source of the money deposited by the patrons is legitimate, Chan said.
Additionally, it was explained that no transfers of funds between accounts will be permitted and no other entities such as gaming promoters (junkets) can participate in this model.
The casino concessionaires must not offer any interest or compensation to patrons in exchange for keeping money in these accounts.
Chan explained that the intention of these accounts is to remove the need for patrons to carry money and other valuables with them while traveling, and the accounts may only be provided by the casino as a service.
The purpose of the bill is to prevent unlawful operations that have occurred in the past, mostly from the so-called VIP rooms operated by junkets that offered high interests in exchange for deposits of gamblers and other people.
In the past, several issues occurred with these kinds of deposits that resulted in accusations of fraud and scams. The issues also led to the loss of millions of patacas from depositors.
Regarded as a bill that mostly regulates the operation of junkets, this bill will continue to be debated in detail today and tomorrow. It is hoped that the bill’s final reading and approval will occur this legislative year.
