After some late-night changes, the Legislative Assembly’s (AL) Second Standing Committee, which evaluated general game law amendments, will sign the final draft on June 15. Chairman Chan Chak Mo revealed today (Monday).

The final draft will then be presented to the legislators with the AL Chair and can convene a plenary session five days later, perhaps on June 21, to vote for the amendment.

The final draft was scheduled to be signed on June 10, but according to Chan, the government’s legal counsel made last-minute changes to the draft.

One of the major changes involved the permission of a concessionaire’s authorized shares and its shareholders to hold another concessionaire.

“Concessionaires, and shareholders with a amount of 5% or more, cannot directly own another concessionaire’s capital to use a game of chance. This is a new change,” said Chan.

“That is, you can’t hold a 1% stake directly, but you can’t indirectly hold more than 5% stake. This change will help the government prevent concessionaire collusion and increase its competitiveness. “

Another change concerns the listing of game concessionaires on foreign stock exchanges, which was allowed in previous drafts after approval by the CEO.

However, while the new draft prohibits direct listing by concessionaires, it does allow the parent company to be listed as before.

According to Chan, several other areas, such as the social responsibility of the concessionaire and the aptitude of shareholders, will be further defined by the CEO’s executive rules.

Despite changes to the draft, today’s committee meeting, which began at 10 am, lasted less than an hour.

Asked if there was enough time to discuss the proposed changes, Chang said legislators were aware of the urgency and importance of this game law amendment.

“Who knows that this proposal is so important to our economy that we will probably need to renew the law within three years, the government and legal counsel a lot to discuss key issues. We have made great efforts, “Chan said.

“If lawmakers are against some of the bills, they can vote against them during the plenary session.”

Significant new legislation provides a legal framework for the future of Macau’s gaming sector and a new gaming license bid to take place this year.

Individual gaming methods for business relationships between game concessionaires, junket operators, subagents, and satellite casino management entities were also evaluated in parallel by the same committee.

When asked about its progress, Chan said that given the large number of intersections, the first final decision on a general bill amendment is important to complete this parallel bill.

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