Chairman of the Standing Committee of the Macau Legislative Assembly (AL), Chan Chak Mo, revealed on Tuesday that discussions on the first gambling bill were now complete with the government to submit the second draft to the Committee in April. .
The AL General Assembly has promised to pass the amended gaming law by June 26, 2022, which will give the government enough time to complete its re-bidding process in the second half of the year. This year.
The final day of discussions on the first draft included confirmation that the three-year grace period for satellite casinos in Macau would begin from the effective date of the new gaming licenses, meaning the account at countdown is not expected to begin until early next year.
“The government confirmed at the meeting that the start date of the satellite casino grace period will start from the effective date of the new gaming contract signed by the new licensees,” Chan said.
Under the Gaming Bill, satellite casinos must in future be located in concession-owned property, suggesting that for many their continued existence hinges on the sale of real estate to one of the Macau’s “Big Six”. However, a three-year grace period will be introduced for existing satellite agreements if the concessionaire under whose license they currently operate is awarded a new concession in the upcoming tender process.
The six dealers’ licenses were due to expire on June 26, 2022, but the government recently revealed plans to extend that period by six months until December 31, 2022.
He also revealed that existing gaming companies must effectively dissolve if they fail to secure a new concession, but they may be allowed to continue running their non-gaming businesses such as hotels, retail, catering and beverages.