Most satellite casinos are expected to continue to operate despite amendments to the Gaming Act, CEO Ho Iat-seng said today (Monday), TDM Radio reported.

Ho Iat-seng told the media after the opening ceremony of the Sack Paivan Health Center that he was in contact with the sector, and the number of satellite casinos expected to close does not significantly affect SAR’s unemployment rate. Added.

A new version of the General Gaming Act presented by the Government of Macau SAR allows satellite casinos to continue operating even if the assets in which the satellite casinos are located are not fully owned by the game concessionaire. This is a shift from the previous stance that these casinos could be closed. If the situation is not resolved within the transition period of 3 years after the enforcement of the new law.

Earlier draft wording has led several industry players to warn that multiple satellite casinos in the city will be closed and local unemployment may rise.

Still, under the new regulations, these management entities can only charge management fees and are not allowed to share percentages or fees of game revenue.

A new version of the General Gaming Act presented by the Government of Macau SAR allows satellite casinos to continue operating even if the assets in which the satellite casinos are located are not fully owned by the game concessionaire. This is a shift from the previous stance that these casinos could be closed. If the situation is not resolved within the transition period of 3 years after the enforcement of the new law.

Earlier draft wording has led several industry players to warn that multiple satellite casinos in the city will be closed and local unemployment may rise.

Still, under the new regulations, these management entities can only charge management fees and cannot share game revenue percentages or fees. The changes warned by members of the sector will further worsen the outlook for future business.

Emperor Entertainment Hotel Limited has already announced last month that it will close its casino at the Grand Emperor Hotel, but it was previously reported that seven satellite casinos will be closed by the end of June.

The Million Dragon Hotel, part of Chang Men Kam’s Golden Dragon Group, has already sent a letter of dismissal to some employees, who are suspected of being local residents or marketing staff.

By the end of 2021, the number of non-residents employed by all six game operators in Macau SAR by the end of 2021 was 32% compared to the 23,676 non-residents employed before the pandemic, according to the Labor Department (DSAL). It has decreased. ..

In his comment today, CE also said that the government’s estimate of total gambling revenue in 2022, based on government budget forecasts, will be revised to 130 billion MOP (US $ 16 billion).

The local government repeated the MOP of 130 billion set last year and expected a game tax of about MOP of 45.5 billion.

However, so far, in the first four months of the year, game results have fallen 36% year-on-year to reach 20.4 billion MOP.

Source link

Previous articleZoe Holohan’s Diary: “Once again, we’re in the” Let’s see how this medical plan goes “phase. This is also an unstable process. “
Next articleUmnia Bank has made great strides in the Moroccan market: Sheikh Dr. Khalid