Gaming promoters, more commonly known as junket operators, will be required to pay MOP1.50 million to have their licenses renewed from January 1. The day marks the gaming sector’s entry into a new year, following the largest gaming law overhaul.
According to a dispatch issued yesterday, those who are acquiring a new license will also be required to pay the same amount.
In the dispatch, the Secretary for Economy and Finance has stipulated that the deposits to be provided by junkets, junket collaborators, and gaming management companies will be set at MOP1.5 million, MOP500,000 and MOP1.5 million respectively.
Junket operators are companies that lure high rollers to gamble in the city, and have accounted for some 75% of Macau’s roughly USD3 billion in annual VIP gaming revenue before the gaming crackdown and the pandemic.
Junkets have historically provided a service that is part upscale travel agent and part money changer for big spenders in Macau.
The deposits of these companies serve as a guarantee that they comply with their legal obligations and will pay any fines that may arise because of their activities.
Earlier this month, the law governing gaming activities in casinos, also known as the ‘junkets law,’ passed unanimously at the Legislative Assembly (AL).
The bill establishes new requirements stipulating that gaming promoters may only work with one gaming concessionaire at a time. Even so, this contract requires approval by the local government, among other requirements.
In another dispatch, the Secretary for Economy and Finance ruled that gaming promoters’ commissions cannot exceed the limit of 1.25% of the net amount of the conversion of gambling chips (net rolling), whatever the calculation basis for converting the gambling chips.
For the purposes of determining this amount, any advantages or gifts offered or provided in the SAR or abroad, directly or indirectly, are considered commissions and calculated accordingly.
