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MACAU BUSINESS


“The reception of funds on deposit works as a (kind of) Ponzi scheme, which lasts as long as most investors


do not withdraw all their funds” António Lobo Vilela


the minimum registered share capital allowed by law and with no significant assets or no assets at all in Macau or elsewhere, to file for bankruptcy (if they do not have the means to, or do not want to, repay the amounts in custody), leaving to the casino operators the honoring of their obligations,’


Pros and cons


The legal advisor argues that casino operators will have to weigh the pros and cons of permitting gaming promoters to operate an independent cage and will also have to be firmer in the enforcement of oversight, imposing minimum internal control rules or compliance policies for gaming promoters to observe at the cage operations. They will also have to be more specific in drafting the gaming promotion contracts, namely, to include indemnity clauses against illegal activities, and require specific types of guarantees to be provided or mandatory provisions, in cash. Mr Lobo Vilela also noted that some of the supervision of such financial activities would also fall


under the Macau Monetary Authority (AMCM) purview, however, and underlined that’s of today no public record exists of any action taken by AMCM in this regard against gaming promoters. ‘Macau’s authorities’ traditionally passive role of ‘laisser


faire, laisser passer’ is undoubtedly not the right track […] primary concern the long-awaited deep-dive review of the legal and regulatory framework of the gaming promotion activity, in particular, concerning the do’s and don’ts in the gaming promotion operations’, Mr Lobo Vilela added in this article completed in December 2020 and presented in the course Comparative Gaming Law, lectured by Anthony Cabot at University of Nevada, Las Vegas. In an interview with Macau Business before leaving his post, former Gaming Inspection and Co-ordination Bureau (DICJ) Director, Paulo Martins Chan, said that “new legislation [to be enacted] about junket promoters includes a specific type of criminal offense to handle the illegal raising of funds by junkets. At the time Chan also underlined the importance of the TUI decision for the whole gaming operator/junket ecosystem future.


20 MAY 2021


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