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|Friday, September 28, 2001, updated at 13:47(GMT+8)|
Public Bidding for Casino Licenses to Start Soon in MacaoTenders for new licenses of casinos in China's Macao Special Administrative Region (SAR) will start in October, a high official said Friday in Macao.
Francis Tam Pak Yuen, secretary for economy and finance, told Xinhua that people can know who will manage Macao's casinos in roughly three months.
There will be a maximum of three operators of Macao's gambling business, which indicates that the 40-year monopoly of the Macao Tourism and Amusement Company (STDM) on the sector will come to an end, in accordance with the new "Gaming Industrial Regime."
"Preparatory work on the bidding is well under way according to a timetable," Tam said.
Those to bid for the new licenses should incorporate a stock company in Macao and confirm their financial status, he said.
The "Gaming Industrial Regime," which was passed by the Legislative Assembly in August, stipulates that taxation should make up 35 percent of the gross revenues from future casinos.
Casino managers and operators should be qualified and honest and responsible for their doing, the law says.
Casinos should contribute to tourism and economic development and social stability in Macao, according to the regime.
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