Inside Asian Gaming

IAG FEB 2022年2月 亞博匯 28 COVER STORY opposition. The main reasons given by opponents were that such a law would “interfere in free market operations and may affect the investment intentions of concessionaires.” In the end, the draft bill avoided any specific mention of dividend approval, with the only reference seemingly associated being a short clause stating, “The concessionaires must informtheChief Executivebefore executing any major financial decisions that exceed those stipulated in the contracts.” The government has followed through with its promises around capital structure, raising the minimum capital each concessionaire is required to hold from its previous MOP$200 million (US$25 million) to a figure more fitting of the gaming behemoths each has become over the past 20 years – MOP$5 billion (US$625 million). However, an increase in the minimum ownership requirement of a Managing Director who must reside in Macau from 10% to 15% was not as significant as anticipated. The minimum ownership rule has been among the most misunderstood to emerge from the government’s consultation document, despite assurances during October’s public consultation sessions by Lio Chi Chong, subdirector of theGaming Inspection and Coordination Bureau (DICJ), that this would not provide for any practical change to its application. Under Macau’s current gaming law, each concessionaire