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Scholar advises to follow legal procedure to deal with casinos’ financial problems

by Anni Lam

A scholar in Macau advised the SAR government should follow the appropriate legal procedure to deal with the financial crunch problem or possible bankruptcy situation happening to any of gaming corporations in the SAR.
Wang Wuyi, researcher of Economics and Public Administration Study Centre of the Macao Polytechnic Institute said yesterday on the sidelines of a seminar that any bankrupt situation should be dealt with under the formal bankruptcy law at the Bankruptcy Court.
He said that the redemptive procedure had all been regulated by laws and that should be followed and be fairly settled.
“I also think that the values of capitals should be calculated strictly under the proper assessment procedure from what the law regulates,” he went on.
The researcher also said that “such a doing would be better than the government to directly take over the aftermath of what's left of the gaming corporation.”
He also said that even if the number of gaming corporations shrank to three, it would not affect much of the overall gaming mode.
“Didn't we originally set to have only three gaming corporations at the beginning? But we expanded to six gaming concessionaires today,” he added.
Wang at the same time also recommended the government to reconsider the aiding plan to do with any of the financial-stridden gaming corporations.
He also said that the legal status of the government would likely be befuddle once the government takes over the gaming corporations.
“One of the most significant problems is the confusion of status between monitor and operators,” he told.
Yesterday the Research Centre of the University of Macau held a seminar at the UNESCO Centre of Macau at Nape to discuss the “Expectation of the Next Ten Year Political Measure in Macau,” wherein the lawmakers, scholars and lawyers gave suggestions to the next ten year government policy orientation, and where most said they hoped to emulate the law system in the future.
In addition, some advised the government to reinforce the regional corporation in order to diversify markets and to reduce the reliance on merely gaming industry.

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