The amendment to the gambling law, under consideration by Parliament, provides for the granting of licenses for a maximum period of 10 years, instead of the 20 previously estimated.
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The end of the 20-year gaming concession period in June 2022, and a special extension of the license until the end of this year, coincides with the production of new legislation to regulate the activity of industry players, under strict rules. They got used to a certain level, which if lowered now would lead to shocks and, in an extreme case, more unemployment,” he analysed. The advisor specifically noted the impact that with the liberalization of the sector there could be a crisis among young people “entering the job market”, and those “who are most vulnerable”, as he described “a phase of euphoria”. “It is not going to be possible anytime soon and forcing it may cause some upheaval in the social fabric itself,” he said. Recognizing that “it is highly unlikely that the sector will boom again”, Rui Cunha speculates that the sector is unable to “put gambling aside” given the difficulty in diversifying the economy.
is” the gambling zone and, from this point of view, one has to “take into account that Macau is part of China”. “It was a cycle that has stopped and now we will be entering a different cycle, for better or worse, but we will be in a different cycle,” the lawyer analyzed, noting that “some improvements may need to be made. Rui Cunha said that it was thanks to the rapid growth of the gambling sector in the first 20 years after liberalization that “super-employment was created” and allowed for the construction of structures that would otherwise be “difficult” such as an “international Standard” as “Hotel, Restaurant”. In 2019, the area received approximately 40 million visitors, a year when casino revenue was MOP292.4 billion. In an industry that employs more than 80,000 people, or 17.23 percent of the working population, gambling accounts for about 80% of government revenue and 55.5 percent of Macau’s GDP. Since the area was liberalized in 2002, three concessionaires have been operating locally: SJM, Galaxy and Wynn, and three sub-concessors, Venice, MGM and Melco. “Macau cannot be separated from China’s interests and overall policy,” analyzed Rui Cunha, a lawyer and adviser to SJM, the oldest gambling operator in the Special Administrative Region.
Rui Cunha, an advisor to Macau gambling operator Sociedad de Jogos de Macau (SJM), says gambling in the region is entering “a different cycle” that needs to align with China’s national policy and interests.
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