Inside Asian Gaming

IAG FEB 2022年2月 亞博匯 42 COVER STORY members of the management body or employees.” In a further blow to the junket industry, the government will ask concessionaires to administer a 5% withholding tax on all junket commissions. While such a stipulation already exists in Law 16/2001, successive Chief Executives have ordered a lower rate of withholding of less than 1%. IAG understands the full 5% withholding tax will be charged in future upon passing of the amended law. How significant will this new junket landscape be for concessionaires? From a pure profit perspective, not very. According to investment bank Morgan Stanley, the VIP segment contributed less than 10% of Macau-wide EBITDA in 2019 (pre-COVID). But it does flag a fundamental change to the makeup of the industry and the relationship between operators and their premium players. Likewise, the government has effectively put Macau’s satellite casino system – by which independent operators have run many of the city’s smaller casinos under the licenses of concessionaires – on notice. Under the amended gaming law, all casinos must be located in properties owned by a concessionaire, with satellite casino operators given a three- year grace period in which to find a solution. “With this bill, gaming concessionaires … have a three- year grace period to deal with this issue, which is a reasonable time frame,” said André Cheong Weng Chon, spokesman for 以其名義從事本身獲發准照的博彩中介 業務，「但屬其股東、行政管理機關成 員或僱員為經營業務所需，以及合夥人 為協助其從事業務的情況除外。」 而對博彩中介行業造成進一步打擊 的是，政府要求將承批公司支付予博彩 中介的佣金的稅率訂為5%。儘管早前第 16/2001號法律已經有這樣的規定，但是 前任行政長官已經下令將稅率下降到1% 以下。《亞博匯》的理解是，未來在修 訂法律草案通過後，將全部徵收5%的全 額佣金稅率。 這種對博彩中介的新規定對營運 商而言有多大影響？從純利潤的角度來 看，不是很大。根據投資銀行摩根士丹 利的數據，貴賓博彩在2019年新冠疫情 之前，在整個澳門的EBITDA所佔比例不 到10%。但該規定的確標誌著行業構成 以及營運商及其高端玩家之間的關係發 生了根本性的變化。 同樣的，政府實際上也對衛星賭 場——由第三方博彩服務供應商在博企 許可之下經營的賭場——做出了規範。 修訂後的博彩法規定，所有博彩區域必 須設於承批公司的物業之中，並設三年 過渡期。 1月14日，澳門行政法務司司長張永