" Macau will never again reach the peak it previously achieved"

 ap24

The Legislative Assembly of Macau’s approval of gaming credit legislation, which prohibits junkets from extending gaming credit, is viewed as a significant step towards aligning with public policy in China and Macau.

Fred Gushin
Fredric Gushin, managing director of Spectrum Gaming Group

In an interview with AGB, industry veteran Fredric Gushin endorsed the legislation, stating, “There are unique issues in China because gambling debts are not legal, making the credit decision more important. The junkets operated in an old-fashioned, underground manner, which was inconsistent with public policy in China, Macau, and indeed the world.”

Gushin believes that casinos should be responsible for everything that occurs within their premises, hence “the concept of junkets performing critical casino-related functions is inconsistent with that.”

He also noted the cessation of junkets owning the cage (physical cashier counters on casino floors), likening it to the gaming credit legislation.

The recent legislation, formally titled the “Legal Regime for Granting Credit for Games of Chance in Casinos,” was unanimously approved by the Legislative Assembly of Macau last Friday and is set to take effect on August 1st of this year.

This legislation mandates that only gaming operators can extend chips to gamblers as credit, while junkets are prohibited from engaging in credit activities. However, gaming operators have the option to enter into agency appointment contracts or agency outsourcing contracts with junkets, allowing them to assist in finding gamblers seeking credit and earning commissions in the process.

Additionally, any changes to agency contracts between gaming operators and junkets, along with their supplementary documents, must receive approval from the Secretary for Economy and Finance of Macau.

https://agbrief.com/intel/deep-dive/17/04/2024/banning-macau-junkets-from-insuring-credit-aligns-with-public-policy/


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