New Regulations to Regulate Macao's Gaming IndustryNew regulations took effect Friday to ensure fair competitions and effective management in the gaming industry in China's Macao Special Administrative Region (SAR).According to the new "Gaming Industry Regime", 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 gaming industry will be broken down. Casino licenses will be granted in the process of public tenders and remain effective in 20 years as well as a possible extension of five years at maximum. The regime stipulates that taxation should make up 35 percent of the casino gross revenues. In addition, all the casinos should contribute less than 5 percent of their gross revenues to the cultural, economic, educational and scientific development and urban construction in Macao. The regulations also introduce taxes on commissions and other income of middlemen working for the future casino operators. The "Gaming Industry Regime" was passed by the Macao Legislative Assembly after article-by-article debates Thursday night. |
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