Casinos’ mandatory contribution to social funds might be waived

The rules mandating that gaming concessionaires must contribute annually with fixed percentages from their annual gross gaming revenues to the Macao Foundation (2%) as well as 3% for urban development, tourism promotion, and social security have also suffered changes in the new version of the new gaming bill, president of the Second Standing Committee of the Legislative Assembly (AL), lawmaker Chan Chak Mo noted.

According to Chan, the new version presented by the government includes a line stating that considering the public interests, the Chief Executive (CE) can waive these contributions, partially or fully.

The addition is certainly a polemic one as during the first round of analysis of the bill, several lawmakers were calling for an increase of these percentages, as well as the creation of a new fund dedicated to increasing workers’ guarantees in the event of dismissal and other situations.

To the media during yesterday’s press briefing, Chan said that the government has not yet provided an explanation for this new inclusion, and that the committee will seek an explanation in the next meeting with the government representatives.

On the line are the special contributions already in force in the current law, outlining the use of such funds for the promotion, development, and study of cultural, social, economic, educational, scientific, academic, and philanthropic activities, as well as for urban development, tourism promotion, and social security.

Another possibility now in the hands of the CE is the potential reduction of the minimum ceiling of receipt amount to be generated by each gaming table or machine.

According to Chan, an exception has now been added to the regulation, allowing “in special cases” the reduction of this amount, taking into account economic factors such as a pandemic or other non-forecastable events that would have a direct impact on the industry. RM