Lionel Leong Vai Tac, the Secretary for Economy and Finance, announced that Macau officials may consider implementing changes in the taxes casinos are supposed to pay. However, this is not going to happen before the thorough review of the local gambling sector.
It is a well-known fact that Macau has been experiencing dramatic decrease in revenues and January will most probably be the seventh consecutive month when a considerable downfall is expected to be reported.
That is why, a few weeks ago, Macau gambling officials announced they are going to take up a review in order to find an alternative for remedying the situation.
Strange as it may seem, the Chinese President Xi Jinping recommended such a “mid-term review” to be performed despite the fact that his anti-corruption campaign is believed to be the main reason for the weak revenues and the lack of high-roller players visiting the local casinos.
Obviously, Macau gambling regulators have taken Mr. Jinping’s recommendation seriously and mere hours ago, Lionel Leong Vai Tac provided communities with further details related to the review in question.
He said that it will be performed this year, at authorities’ earliest convenience but he was reluctant to reveal the institution which will be responsible for it.
Mr. Leong also added that the aim of the review is making sure that those operators available at the Macau gambling sector have managed to comply with the existing rules and regulations.
Once the review is completed, there is a chance for making alterations and imposing changes in the gambling sector. As soon as the results are revealed, Macau gambling officials will take their final decision as to whether to renew gambling providers’ concessions by applying the newly implemented rules or leave the matters just the way they are.
Apart from the gambling affairs, the officials will also scrutinize gambling providers’ non-gaming ventures as well as their social responsibility.
During his visit at the end of 2014, the Chinese President said that Macau should diversify its economy in order not to be so dependent on high-roller players. That is why officials who will be in charge of conducting the review will have to pay extra attention to operators’ attempts for making the local gambling sector a thriving one by attracting tourists and providing them with upper-class gambling, leisure and dining experience.
In case authorities decide to implement any changes, the taxes Macau-based casinos pay will most probably be raised by 4%.
Meanwhile, it became clear that the ban on increasing the number of live dealer tables is not likely to be lifted before 2022.
