Macau officials to meeting industry officials after stocks show record fall

The government officials of Macau will be meeting the gaming industry officials on September 20, 2021 to consult the operations over the revisions to the casino law revision. The law revision had given a free fall to the stocks in the world’s largest gambling hub. The meeting is expected to be the only gathering between the two sides in the consultation period of 45 days on the legal revisions which will come to an end on October 29, 2021.

The meeting is expected to be attended by the junkets and casino operators that provide services to the high-rolling betters and also extend credit to them. The representatives of the industry are expecting the authorities to give out more information on the changes that are proposed so they can have better idea about the impact on the business. One of the prospective attendees on the condition of anonymity said that they would be asking about the reach of the government towards the operations while moving forward. On the other hand there were also people who said that they are not expecting anything constructive from the meeting.

Four meetings are expected to be held in Macau before the final proposal is presented to the legislature of the city. Officials of Macau said that they would be changing the casino regulations that would increase the restrictions on the operators. The move will be taken as Beijing is getting ready to have a grip over the enclave in China where gambling is legal. The authorities have demanded that they want to have direct supervision on the everyday operations of the casinos in Macau so they could have strict controls on the distribution of dividends.

The announcement created panic in the markets and the gaming stocks came down to a record $18.4 billion in combines market value last week. Details about the new regulations are limited and could cover the topics on how many licenses would be allowed.

Photo Credits: Pixabay

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