policy framework for investment 2021 edition of the macau

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An investmentfonds wikipedia free fund also index tracker is a mutual fund or exchange-traded fund ETF designed to follow certain preset rules so that the fund can track a specified basket johann pfeiffer iforex underlying investments. Index funds may also have rules that screen for social and sustainable criteria. An index fund's rules of construction clearly identify the type of companies suitable for the fund. Additional index funds within these geographic markets may include indexes of companies that include rules based on company characteristics or factors, such as companies that are small, mid-sized, large, small value, large value, small growth, large growth, the level of gross profitability or investment capital, real estate, or indexes based on commodities and fixed-income. Companies are purchased and held within the index fund when they meet the specific index rules or parameters and are sold when they move outside of those rules or parameters. Think of an index fund as an investment utilizing rules-based investing.

Policy framework for investment 2021 edition of the macau quel est le meilleur indicateur forex

Policy framework for investment 2021 edition of the macau

The suspension of the operation of a casino can only occur in very exceptional circumstances and, as a general rule, is subject to prior authorisation from the Macao government. The minimum age for entering and working in casinos is 21 years old. Restrictions to casino entry apply to the employees of casino gaming operators. As to horse racing, the following pari-mutuels in relation to horse-racing results are permitted: pari-mutuel winner, pari-mutuel places, quinella, forecast, double win, double quinella, trio, trifecta, triplo vencedor, quarteto and six up.

Also, regarding horse-racing results, the following lotteries are permitted: cash sweep ordinary and special , winner sweep and places sweep. According to the respective concession contract, the rules for pari-mutuels authorised by the concession contract in relation to horse racing are approved by the Macao Chief Executive after a proposal from the operator. The rules are published in the Macao Official Gazette. If an operator requests authorisation to operate new lotteries, it shall enclose with the authorisation request a draft of the rules for the DICJ's approval.

According to the respective concession contract, the rules of the Chinese lotteries authorised by the concession contract are approved by the Macao Chief Executive after a proposal from the operator. If the operator requests authorisation to operate new lotteries, it should enclose with the authorisation request a draft of the rules for the DICJ's approval.

Casino gaming is under continuous and permanent supervision from the DICJ through a team of inspectors on site. The DICJ's Games of Chance Inspection Unit is charged with the competence to supervise and monitor casino frequency and operations, and to ensure the performance of all legal, regulatory and contractual precepts related to games of chance.

As to pari-mutuels and operations offered to the public, the DICJ's Pari-Mutuels Inspection Unit is charged with the competence to supervise and monitor pari-mutuels and operations offered to the public, and ensure that conduct is in accordance with the technical rules, laws and regulations applicable. Moreover, these types of gaming have a government-appointed delegate to follow the operator activities.

Pursuant to Macao law, only casino gaming operators and gaming promoters may, as credit providers, issue credit to players. Issuance of credit is restricted to casino games of chance. The transfer to a third party of the operation of the concession or sub-concession or, in the case of the casino gaming concessions and sub-concessions, of legal or contractual obligations impending to the casino gaming operators is null and void except if authorised by the Macao government; the transfer of shares to third parties in a gaming concessionaire or sub-concessionaire is null and void except if authorised by the MSAR.

All casinos and gaming equipment and utensils are to revert to the MSAR without compensation by the term of the concession or sub-concession or on the date referred to in the concession or sub-concession contract, whichever is the earlier. The reversion is automatic and without entitlement to the payment of compensation to the casino gaming operator. The enjoyment, fruition and use of the assets reverted may be temporarily transferred to be used in gaming operations by the same or different casino gaming operators, in exchange for a renumeration as prescribed by the concession contract of those assets.

As to the concessions for operating horse racing, all premises except the electrical station, totaliser and all movable assets the horse-racing operator decides to remove within 60 days following the reversion revert to the MSAR without compensation by the term of the concession. Gaming machines and electronic table games can only be operated by casino gaming operators and shall comply with the Macau Technical Standards on electronic gaming machines and electronic table games, for accumulated prizes in gaming machines and for dealer-operated electronic table games, all approved by DICJ instructions , and be certified by an authorised gaming testing laboratory.

The supply of gaming machines in Macau can only be conducted by licensed manufacturers or distributors authorised by the DICJ. Greyhound racing was operated by Macau Yat Yuen Canidrome Co Ltd between and 20 July , the date on which the respective concession expired, due to termination. To date, the Macao government has not granted any new concession for operating greyhound racing, nor has it revoked its legal framework. Nevertheless, it seems to be public policy not to award a concession for this type of gaming anywhere in the future.

Pursuant to Macau law, the commercial operation of gaming is reserved to the MSAR and can only be granted to private entities by means of a concession or sub-concession through an administrative contract. Thus, gaming is a highly regulated activity in Macao and the supervision of gaming activities relies primarily on the DICJ.

As to casino gaming, operators are required to be incorporated in the MSAR as limited liability companies and requirements regarding, among others, its share capital, business scope and managing director apply. Offshore gambling involving sectors such as online casinos and multiplayer online gaming is not permitted in Macao. Placing bets over the phone or online is regulated for horse racing, greyhound racing and sports lottery football and basketball betting.

The main legal and regulatory framework for casino gaming, pari-mutuels and operations offered to the public comprises the following. Pursuant to the Macao Gaming Law, the Chief Executive of the MSAR, by means of an Administrative Regulation, determines the rules and specific conditions under which the operation of games of chance is permitted outside casinos aboard vessels and aircrafts and, restricted to gaming machines, in Macao International Airport.

However, no Administrative Regulation has been enacted, nor has the MSAR authorised any operation of games of chance outside casinos. Although a concession to operate greyhound racing is not currently awarded the last expired on 20 July , the above-referred legislation continues in force. The oversight of gaming is, prima facie, the responsibility of the DICJ, the regulatory and supervisory authority of all types of permitted gaming, a department within the Macao government structure and under the Secretariat for Economy and Finance, entrusted with the responsibility of assisting and supporting the Macao Chief Executive in the definition and execution of the economic policies for the operation of all permitted types of gaming.

The Macao Gaming Commission is a consultative body of, and presided over by, the Macao Chief Executive with the responsibility of formulating policies and facilitating the development of Macao's casino gaming and relevant regulatory framework. The Financial Services Bureau, under the Secretariat for Economy and Finance, is also vested with regulatory powers concerning, in particular, the accounting of gaming operators and gaming promoters.

Finally, the Financial Intelligence Office, under the Secretariat for Security, is responsible for receiving and processing cash transactions and suspicious transactions reports filed by gaming operators and gaming promoters. To date, no concession for the operation of interactive gaming has been granted by the MSAR. Gambling in Macao is restricted to land-based venues casinos in the case of the operation of casino games of chance , although some exceptions apply aboard vessels and aircrafts and, restricted to gaming machines, in Macao International Airport.

The operation of games of chance is, as a general rule, restricted to land-based casinos, i. However, the Macao Chief Executive may authorise the operation and practice of games of chance outside casinos, aboard vessels or aircraft registered in Macao, when outside of the MSAR and operating on touristic routes and, restricted to gaming machines, paying directly in gaming chips or coins, in the customs cleared area for international departures of Macau International Airport.

Sports betting and lotteries are operated outside casinos, and horse racing is restricted to the Macau Jockey Club. In fact, pari-mutuel betting is strictly forbidden to be offered inside casinos, and operations offered to the public may only be operated inside casinos pursuant to a special authorisation from the Secretary for Economy and Finance. It was the case of the tombola game operated by SJM until 1 November , also called lotto, a game that has many of the same characteristics as European bingo, being based on 90 numbers, from 1 to 90, in which the numbers are marked on small balls and are held in a manually rotated drum, from which they are randomly drawn one ball at a time and in which the players match the numbers to their playing cards, while the numbers are being drawn from the drum.

Interactive gaming may be granted to private entities by means of a prior concession. Games of chance including casino table games and electronic gaming machines. Betting on sports competitions and animal races. Operations offered to the public such as lotteries, raffles and lucky draws. Poker Poker qualifies as a casino game of chance see below, Casino games. The authorised games of poker are:. Betting Macau allows betting on horse races.

This activity can only be operated by entities that have been previously granted a concession to that effect. Their licensing and operations are governed by several executive orders issued by the Macau Chief Executive and by the relevant concession contracts. This activity has been historically pursued on an exclusive basis by a single operator, the Macau Horse Racing Company Limited.

Until 20 July , betting on greyhound races was allowed. Sports betting Macau also allows the placing of bets in sports competitions, namely soccer and basketball. The concession contract of SLOT was renewed in for a period of five years, ending on 5 June SLOT is authorised to accept wagers over the counter, through telephone and online through its website. Casino games Casino games qualify as games of chance.

Games of chance are defined as those in which the outcome is contingent, as it depends exclusively or predominantly on the player's luck. A casino concessionaire can only offer games of chance that are listed in the Macau Gaming Law or that have been approved by the Macau Government. The following is the complete list of pre-approved table games that can be offered in Macau casinos:. Lucky Wheel. The Secretary of Economy and Finance must approve the rules of each game of chance following a recommendation by the DICJ, at the request of at least one casino concessionaire.

Slot and other machine gaming A gaming machine is statutorily defined as a device including the gaming programs and associated software, the memory compartment, the random generator and any means of gaming software storage that is both:. Fully or partially operated by electric, electronic or mechanical means.

Conceived, adapted or programmed to operate a game of chance and to pay prizes in cash, gaming chips, redeemable tickets or other values resulting from the placement of wagers in the games that it offers. The operation of gaming machines, including electronic table games, is only allowed within the gaming areas of casinos and other authorised premises operated under a casino concession. The operation of gaming machines can also be authorised in the international departures area of the Macau International Airport and in Macau registered vessel and aircraft when operating tourist routes outside Macau.

All gaming machines and electronic table games must be authorised by the DICJ. They must also comply with the Macau Electronic Gaming Machines and Electronic Table Games Technical Standards, and compliance must be certified by a recognised gaming testing laboratory. Only manufacturers or distributors previously licensed by DICJ can supply or distribute gaming machines in Macau.

Terminal-based gaming Terminal-based devices qualify as gaming machines, as they require prior approval from the DICJ, and can only be supplied by licensed manufacturers or distributors see above, SLOT and other machine gaming. Fully automated table games can be offered at the same locations as gaming machines, while semi-automated table games are only allowed in casinos.

For the purposes of calculating a casino concessionaire's annual concession premium see Question 15 , the DICJ has discretionary powers to determine if a gaming machine that replicates a game traditionally played as a table game should qualify as one or the other.

If the DICJ qualifies a terminal-based electronic table game as a gaming machine, each terminal is equivalent to one gaming machine when calculating a casino concessionaire's annual premium. Bingo Bingo is not currently approved as a game of chance and cannot be offered in Macau casinos or other gambling venues.

Lottery The operation of lotteries in Macau is allowed both in the form of instant lottery and in the form of Chinese lottery popularly known as Pacapio. Instant lotteries are operated on an exclusive basis by SLOT under the same concession contract that grants SLOT the exclusive right to operate sports betting.

The Chinese lottery is also operated on an exclusive basis by one single operator, Sociedade de Lotarias Wing Hing, Limitada. The concession contract for the operation of the Chinese lottery has been renewed on an annual basis since , with the current term ending on 31 December What is the licensing regime if any for land-based gambling? Available licences The commercial operation of gambling in Macau is statutorily reserved to the Macau Government and can only be pursued by privately owned entities that have been granted a concession to that effect, by entering into a concession contract with the Macau Government.

Subsequently, the Macau Government authorised these concessionaires to enter into one sub-concession agreement each, therefore raising the total number of casino operators to six. All concession and sub-concession contracts are due to expire in Until then, the casino market is closed to new concessionaires.

Application procedure The granting of gaming concessions is made through a public tender launched by the Macau Government. The bidders and their qualified shareholders also had to demonstrate an adequate financial capacity and were subject to investigations into their financial background. A special committee appointed by the Macau Chief Executive conducted the public tender. A tender programme defined the minimum requirements of qualification, the information the bidders were expected to disclose and the mandatory elements of the proposals to be submitted.

The tender for which a total of 18 bidders qualified led to the award of the three casino concessions that are currently in force. The awarding criteria were the following:. Total concession premium amount offered. Amount offered as contribution to a public foundation for the promotion of the cultural, scientific, social, economic and educational development of Macau.

Amount offered as contribution to the urban development, tourism promotion and social security of Macau. Development of casino premises and contribution to tourism diversification. Contribution to the creation of jobs in the gaming industry and to the training of its professionals.

The only public tender procedure to date took about three to four months from the Macau Government's launch of the public tender until the announcement of the gaming concessions on 8 February Duration of licence and cost A casino concession or sub-concession has a maximum initial duration of 20 years. If it was granted for a lesser period, it can be extended, one or more times, up to a maximum of 20 years.

The maximum duration of a concession or sub-concession can be extended beyond the year term, one or more times, for a maximum of five years. This extension can only be granted on an exceptional basis under a justified decision of the Macau Chief Executive. The Macau Government can unilaterally terminate a casino concession on two main grounds:.

Concessionaire's breach of a material statutory or contractual obligation. For example, a concessionaire is deemed to have breached a material obligation when it has:. Suspended or abandoned its operations without due justification. Wholly or partially assigned its operations either permanently or temporarily in breach of the applicable laws and regulations, or in breach of its concession contract.

Failed to pay taxes, annual concession premiums or any other consideration owed to the Macau Government under the terms of its concession contract. In the event of termination, the ownership of the concessionaire's casinos will revert to the Macau Government, together with their equipment and all rights and assets as determined by the concession contract.

No compensation will be due to the concessionaire in the case of termination for breach of contract. In the event of termination for reasons of public interest, fair compensation is calculated based on the outstanding concession period and on the concessionaire's investments up to the time of reversion. Changes of corporate control The Macau Government's authorisation is required for:. The transfer or encumbering, for any reason, of the property or other right in rem of the gaming concessionaire's shares.

The carrying out of any act that may involve the granting of the right to vote or other social rights to a person other than the holder. If the Macau Government's authorisation is not obtained, it will be considered legally null and void Macau Gaming Law. Communication to the DICJ within 30 days must also be made. What are the limitations or requirements imposed on land-based gambling operators? Approved games can be offered in the form of table games or of gaming machines.

A casino concessionaire cannot operate or offer:. Interactive games, sports betting and wagering in animal races. Lotteries, raffles, lucky draws and similar operations, unless specifically authorised to do so on a case-by-case basis. No operator can offer the above gambling products within the designated gaming areas of casinos. Restrictions There is no general limitation to local participation in gaming, but entrance in casinos is restricted to individuals who are 21 years or older.

Subject to certain exceptions, local civil servants are also restricted from entering casinos. This includes staff that are not directly involved with gaming operations, such as the cashier, cage staff, food and beverage outlet workers, cleaners and those connected to surveillance operations. Casino concessionaires must set up adequate control procedures to ensure compliance with the statutory restrictions to participation.

Under the applicable anti-money laundering regulations, casino concessionaires, gaming promoters and other gaming concessionaires must comply with a comprehensive set of obligations aimed at curbing money laundering activities in the gaming industry.

These obligations include:. Customer due diligence obligations. Enhanced monitoring of play by politically exposed persons. Identification and reporting of suspicious transactions. The obligation to refuse to carry out transactions when mandatory information is not provided. The Macau Financial Intelligence Office is the entity responsible for receiving and processing reports on cash transactions and suspicious transactions.

The DICJ is responsible for supervising and enforcing the gaming industry's compliance with its anti-money laundering obligations. What is the licensing regime if any for online gambling? The commercial operation of online gambling can only be pursued by privately owned entities that have been granted a concession to that effect, through entering into a concession contract with the Macau Government.

Additionally, concessionaires of casino games of chance cannot operate interactive games. Changes of corporate control Not applicable see Question 7. What are the limitations or requirements imposed on online gambling operators?

Not applicable see Question 7. B2B and B2C. Is there a distinction between the law applicable between B2B operations and B2C operations in online gambling? Under the current definition of interactive games see Question 2, Online gambling , it is safe to conclude that a B2B business model under which an online provider of gambling services licences its products to a Macau gambling operator authorised to accept online wagers, such as SLOT without directly contracting with customers in Macau, does not qualify as operating online gaming in Macau.

However, the licensing of certain online gambling software to Macau gaming operators requires prior technical approval from the DICJ. Technical measures. What technical measures are in place if any to protect consumers from unlicensed operators, such as ISP blocking and payment blocking?

Macau does not restrict access to overseas gaming or wagering websites and does not impose any blocking obligations on internet service providers. Mobile gambling and interactive gambling What differences if any are there between the regulation of mobile gambling and interactive gambling on television? There are currently no legal differences between mobile gambling and interactive gambling on television. If the relevant requirements are fulfilled, the operation of casino games of chance on both platforms can qualify as interactive gaming when conducted in Macau see Question 2, Online gambling.

Social gaming

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The operation of gaming machines, including electronic table games, is only allowed within the gaming areas of casinos and other authorised premises operated under a casino concession. The operation of gaming machines can also be authorised in the international departures area of the Macau International Airport and in Macau registered vessel and aircraft when operating tourist routes outside Macau. All gaming machines and electronic table games must be authorised by the DICJ. They must also comply with the Macau Electronic Gaming Machines and Electronic Table Games Technical Standards, and compliance must be certified by a recognised gaming testing laboratory.

Only manufacturers or distributors previously licensed by DICJ can supply or distribute gaming machines in Macau. Terminal-based gaming Terminal-based devices qualify as gaming machines, as they require prior approval from the DICJ, and can only be supplied by licensed manufacturers or distributors see above, SLOT and other machine gaming. Fully automated table games can be offered at the same locations as gaming machines, while semi-automated table games are only allowed in casinos.

For the purposes of calculating a casino concessionaire's annual concession premium see Question 15 , the DICJ has discretionary powers to determine if a gaming machine that replicates a game traditionally played as a table game should qualify as one or the other. If the DICJ qualifies a terminal-based electronic table game as a gaming machine, each terminal is equivalent to one gaming machine when calculating a casino concessionaire's annual premium.

Bingo Bingo is not currently approved as a game of chance and cannot be offered in Macau casinos or other gambling venues. Lottery The operation of lotteries in Macau is allowed both in the form of instant lottery and in the form of Chinese lottery popularly known as Pacapio.

Instant lotteries are operated on an exclusive basis by SLOT under the same concession contract that grants SLOT the exclusive right to operate sports betting. The Chinese lottery is also operated on an exclusive basis by one single operator, Sociedade de Lotarias Wing Hing, Limitada. The concession contract for the operation of the Chinese lottery has been renewed on an annual basis since , with the current term ending on 31 December What is the licensing regime if any for land-based gambling?

Available licences The commercial operation of gambling in Macau is statutorily reserved to the Macau Government and can only be pursued by privately owned entities that have been granted a concession to that effect, by entering into a concession contract with the Macau Government.

Subsequently, the Macau Government authorised these concessionaires to enter into one sub-concession agreement each, therefore raising the total number of casino operators to six. All concession and sub-concession contracts are due to expire in Until then, the casino market is closed to new concessionaires. Application procedure The granting of gaming concessions is made through a public tender launched by the Macau Government.

The bidders and their qualified shareholders also had to demonstrate an adequate financial capacity and were subject to investigations into their financial background. A special committee appointed by the Macau Chief Executive conducted the public tender.

A tender programme defined the minimum requirements of qualification, the information the bidders were expected to disclose and the mandatory elements of the proposals to be submitted. The tender for which a total of 18 bidders qualified led to the award of the three casino concessions that are currently in force. The awarding criteria were the following:. Total concession premium amount offered. Amount offered as contribution to a public foundation for the promotion of the cultural, scientific, social, economic and educational development of Macau.

Amount offered as contribution to the urban development, tourism promotion and social security of Macau. Development of casino premises and contribution to tourism diversification. Contribution to the creation of jobs in the gaming industry and to the training of its professionals. The only public tender procedure to date took about three to four months from the Macau Government's launch of the public tender until the announcement of the gaming concessions on 8 February Duration of licence and cost A casino concession or sub-concession has a maximum initial duration of 20 years.

If it was granted for a lesser period, it can be extended, one or more times, up to a maximum of 20 years. The maximum duration of a concession or sub-concession can be extended beyond the year term, one or more times, for a maximum of five years. This extension can only be granted on an exceptional basis under a justified decision of the Macau Chief Executive. The Macau Government can unilaterally terminate a casino concession on two main grounds:.

Concessionaire's breach of a material statutory or contractual obligation. For example, a concessionaire is deemed to have breached a material obligation when it has:. Suspended or abandoned its operations without due justification. Wholly or partially assigned its operations either permanently or temporarily in breach of the applicable laws and regulations, or in breach of its concession contract.

Failed to pay taxes, annual concession premiums or any other consideration owed to the Macau Government under the terms of its concession contract. In the event of termination, the ownership of the concessionaire's casinos will revert to the Macau Government, together with their equipment and all rights and assets as determined by the concession contract. No compensation will be due to the concessionaire in the case of termination for breach of contract.

In the event of termination for reasons of public interest, fair compensation is calculated based on the outstanding concession period and on the concessionaire's investments up to the time of reversion. Changes of corporate control The Macau Government's authorisation is required for:. The transfer or encumbering, for any reason, of the property or other right in rem of the gaming concessionaire's shares.

The carrying out of any act that may involve the granting of the right to vote or other social rights to a person other than the holder. If the Macau Government's authorisation is not obtained, it will be considered legally null and void Macau Gaming Law. Communication to the DICJ within 30 days must also be made. What are the limitations or requirements imposed on land-based gambling operators? Approved games can be offered in the form of table games or of gaming machines.

A casino concessionaire cannot operate or offer:. Interactive games, sports betting and wagering in animal races. Lotteries, raffles, lucky draws and similar operations, unless specifically authorised to do so on a case-by-case basis. No operator can offer the above gambling products within the designated gaming areas of casinos.

Restrictions There is no general limitation to local participation in gaming, but entrance in casinos is restricted to individuals who are 21 years or older. Subject to certain exceptions, local civil servants are also restricted from entering casinos. This includes staff that are not directly involved with gaming operations, such as the cashier, cage staff, food and beverage outlet workers, cleaners and those connected to surveillance operations. Casino concessionaires must set up adequate control procedures to ensure compliance with the statutory restrictions to participation.

Under the applicable anti-money laundering regulations, casino concessionaires, gaming promoters and other gaming concessionaires must comply with a comprehensive set of obligations aimed at curbing money laundering activities in the gaming industry.

These obligations include:. Customer due diligence obligations. Enhanced monitoring of play by politically exposed persons. Identification and reporting of suspicious transactions. The obligation to refuse to carry out transactions when mandatory information is not provided. The Macau Financial Intelligence Office is the entity responsible for receiving and processing reports on cash transactions and suspicious transactions. The DICJ is responsible for supervising and enforcing the gaming industry's compliance with its anti-money laundering obligations.

What is the licensing regime if any for online gambling? The commercial operation of online gambling can only be pursued by privately owned entities that have been granted a concession to that effect, through entering into a concession contract with the Macau Government. Additionally, concessionaires of casino games of chance cannot operate interactive games. Changes of corporate control Not applicable see Question 7. What are the limitations or requirements imposed on online gambling operators?

Not applicable see Question 7. B2B and B2C. Is there a distinction between the law applicable between B2B operations and B2C operations in online gambling? Under the current definition of interactive games see Question 2, Online gambling , it is safe to conclude that a B2B business model under which an online provider of gambling services licences its products to a Macau gambling operator authorised to accept online wagers, such as SLOT without directly contracting with customers in Macau, does not qualify as operating online gaming in Macau.

However, the licensing of certain online gambling software to Macau gaming operators requires prior technical approval from the DICJ. Technical measures. What technical measures are in place if any to protect consumers from unlicensed operators, such as ISP blocking and payment blocking? Macau does not restrict access to overseas gaming or wagering websites and does not impose any blocking obligations on internet service providers. Mobile gambling and interactive gambling What differences if any are there between the regulation of mobile gambling and interactive gambling on television?

There are currently no legal differences between mobile gambling and interactive gambling on television. If the relevant requirements are fulfilled, the operation of casino games of chance on both platforms can qualify as interactive gaming when conducted in Macau see Question 2, Online gambling.

Social gaming How is social gaming regulated in your jurisdiction? There is no statutory definition of social gaming in Macau and social gaming per se is not a regulated activity. However, social gaming offered through the web or through online mobile platforms may qualify as interactive gaming see Question 2, Online gambling. Therefore, the definition of interactive gaming effectively places limitations on how social casino games can be legally operated in Macau through those platforms.

An online casino game that is free to play and does not award players the possibility of winning prizes or tokens exchangeable for real-world rewards does not qualify as an interactive game and can be freely offered in Macau. Blockchain technology To what extent is blockchain used in gambling in your jurisdiction? How is it regulated? Not applicable. Blockchain technology is not specifically regulated in Macau.

Gambling debts Are gambling debts enforceable in your jurisdiction? Gambling debts are only enforceable in Macau if the credit is granted by a casino concessionaire or a licensed gaming promoter. Tax What are the applicable tax regimes for land-based and online gambling? The special gaming tax is the largest source of gaming tax revenues.

Casino concessionaires must also pay a:. Contribution to the Macau Foundation, a public foundation responsible for promoting the cultural, scientific, social, economic and educational development of Macau 1. Special contribution for urban development, tourism promotion and social security 2. Casino concessionaires must also pay an annual concession premium comprising a:. Variable amount levied on the number of table games and gaming machines at the following approximate rates:.

Advertising Therefore, table games and game machines slots can only be offered inside land-based casinos and other authorised venues, whereas horse racing and sports betting concessionaires are offered outside casinos. As a matter of fact, neither sports betting nor pari-mutuels are deemed to be games of chance and fortune. According to the Macau Gaming Law, it is not legal to offer pari-mutuels or operations offered to the public lotteries in a casino environment, even though the same piece of legislation provides that lotteries might be exploited by casinos after a dispatch of the Secretary for Economy and Finance and assuming that an amendment to the concession contract is made.

In summary, the concessions and sub-concessions of games of fortune and chance cover: all games mentioned in article 3 of the Macau Gaming Law table games ; other games of chance authorised and regulated by the Government after ; and authorised electric or mechanical machine games slot machines. The forms of gaming not covered by casino concessions and sub-concessions are: pari-mutuels horse racing ; operations offered to the public sports betting and lotteries ; and interactive casino games understood as online games.

Regarding promotion and advertising restrictions, and according to the Advertisement Act enacted in , games of fortune and chance cannot be advertised if the games themselves are the main message of the advert. The act thus allows gaming operators to advertise games of fortune and chance whenever the games are not the essential element of the advert.

Despite this restriction, the concession and sub-concession contracts executed by the Government since when the Advertisement Act was enforced require operators to conduct advertising and marketing campaigns both in Macau and abroad, which may be seen as contradicting the Advertisement Act.

In addition to the mentioned Special Gaming Tax, gaming operators are also subject to a payment of 1. There is an exception for SJM, which is only subject to 1. Despite the abovementioned taxation system, efforts have been made to alleviate the tax burden, provided that all concessionaires and sub-concessionaires have been exempted from the Income Complementary Tax. Lastly, pursuant to article 20 of the Macau Gaming Law, concession and sub-concession contracts provide for the obligation of payment of an annual premium which is comprised of a fixed amount of 30 million Patacas approx.

USD 3. That being said, concessionaires and sub-concessionaires are required to pay , Patacas approx. USD 18, for every table game allocated to the mass market and 1, Patacas approx. USD for every gaming machine. There is not a high degree of social responsibility and control over harm caused by the Macau gaming industry, although Law no.

Furthermore, the DICJ has been putting some effort towards further enhancing public awareness of responsible gaming, although there are no direct legal impositions for gaming operators. Does your jurisdiction permit virtual currencies to be used for gambling and are they separately regulated? Over the years, continuous efforts have been made to combat money laundering in Macau.

Aside from the main AML framework, which consists of Law no. In turn, virtual currencies are not permitted to be used for gaming activities in Macau SAR. There are no laws and regulations in Macau SAR that regulate all forms of remote gambling, including internet and mobile gaming. Interactive games of fortune and chance cannot be exploited by gaming concessionaires under Law no. Hence, all forms of online gambling in Macau are considered outlawed.

The only legal options for remote gambling in Macau are limited to horse racing and sports betting, solely offered by the Macau Jockey Club and Macau SLOT, respectively. Considering the lack of legislation on remote gambling, as well as on access, registration and effective bets on overseas online gaming websites, players located in Macau are free to access those websites on a passive basis.

There are, however, no laws and regulations that prevent Internet Service Providers from blocking consumers from accessing the websites of gambling operators licensed overseas. According to Administrative Regulation no. The authorisation by the DICJ is subject to a strict suitability assessment of the applicant manufacturer, as well as its shareholders and directors, despite the possibility of licensed manufacturers from specific jurisdictions Nevada, New Jersey, Mississippi, Australia, New Zealand, Great Britain and Singapore submitting a request for the said procedure to be waived.

Gaming operators are subject to the regulatory control of the DICJ, which is responsible for enforcing the legal framework applicable to the gaming industry in Macau. Therefore, under Administrative Regulation no. Illegal gaming activities are subject to Law no. Hence, any infringement of the provisions regarding the offering of unlawful games of chance and fortune in unauthorised venues will be punished with up to three years of imprisonment or with the imposition of a fine.

In turn, participation may be subject to a fine of up to a maximum of days, whereas any individual found in an illegal gaming site may be liable for the payment of a fine of up to 90 days. Fraudulent games are punished with up to five years of imprisonment. On the other hand, the illegal operation of games of fortune and chance in authorised venues is punishable by a maximum imprisonment of three years or a fine. In turn, participation is punished with imprisonment for up to six months or a fine.

Lastly, game usury is subject to a maximum imprisonment of three years. According to article of the Macau Civil Code, gaming and betting may be: a source of standard enforceable civil obligations; a source of natural obligations; or void. Therefore, and in the terms of the said provision, the enforcement of gambling debts is only possible when specific laws so provide, which therefore applies to any gaming activity that is legally regulated, authorised and taxed.

Have fines, licence revocations or other sanctions been enforced in your jurisdiction? In the second half of , DICJ set stronger operational requirements and subsequently monitored the full completion of those requirements in order to minimise certain issues arising from the non-complying operations of some of those stakeholders. Following such change on requirements and enforcement strategy, there was a significant decrease on the issuance of gaming promoter Licences during the upcoming years.

Earlier this year, the Macau Government stated that a consultation process would be initiated in order to prepare the previously announced international public tender for the operation of games of fortune and chance and other casino games in Macau. Nonetheless, recent public speeches from the Secretary for Economy and Finance keep the international public tender for new concessions in as being on track.

This current scenario may also lead to the long-term plans never really being put into action to diversify the economy, which is totally dependent on the gaming industry and the associated tourism. The Chief Executive may consider extending all casino gaming concessions and authorising the extension of all casino gaming sub-concessions , eventually to the maximum allowed by law, i.

Despite this potential and, in our view, now more likely scenario, what we shall expect in the coming year in terms of legislation is the following:. Returning to the point of the potential extension, and although the Macau Chief Executive may decide to further extend the term of the concessions and authorise the extension of the term of the sub-concession in conformity , one or more times and up to five years, the Macau Government has announced several times that a public tender to award casino gaming concessions will be open in If that would be the case, the end of might be the time to launch the preparatory works to that effect.

In case the public tender is still going to take place, and taking also into consideration recent public speeches by the Chief Executive, it is expected that social responsibility will be a topic of paramount importance in the public tender to be open in In what concerns labour, operators seem to have as a top priority the maintenance of its employees.

Furthermore, if the times were challenging in the gaming industry before the COVID pandemic, it has now become much more so which may well lead to moves towards mergers of gaming companies worldwide, which could have direct impact on the chessboard of the local industry. There are plenty of chips on the table which may define the framework of the local industry in the future.

Macau: Gambling Laws and Regulations ICLG - Gambling Laws and Regulations - Macau covers common issues in gambling laws and regulations — including relevant authorities and legislation, application for a licence, licence restrictions, digital media, enforcement and liability — in 37 jurisdictions. Chapter Content Free Access 1. Relevant Authorities and Legislation 2.

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Macau gaming law revision by 4Q says new policy doc Mr Ho said that for , the Macau government would work to “improve the legal framework for the gaming industry”, comment on what he said was the “speculative” issue of whether the city's government would Moody's Investors Service. Data and research on investment including guidelines for multinational enterprises, Download the pocket edition of the Policy Framework for Investment. Will the upcoming new policies to transform Macau into an international financial centre result in direct competition between Macau and Hong Kong, or impact.