Macau Updates How On-Site FX Casino Permits

Macau on Monday issued a series of executive orders authorizing six casino concessions in the city to run foreign exchange (FX) businesses on their properties.

According to GGRAsia’s previous contract comparison, the government no longer specifies limits on the number of currency exchange counters each casino concessioner can operate at a particular location.

The new executive order, one for each concessionaire, was signed by Macau’s current chief executive, Hoatseng, on Aug. 15 and goes into effect Tuesday (Aug. 20). According to the wording of the new order in Macau’s official languages, Chinese and Portuguese, they grant casino concessionists general authority to operate currency exchange stations inside their respective casinos.

According to the new executive order, the location and “technical standards” of the exchange will be set by the Game Inspection Coordination Bureau, the city’s game regulator.

The Macao Monetary Authority is responsible for setting “specific conditions” for casino concessionists to operate currency exchanges. 슬롯사이트 순위

According to recent and previous government orders, the Macau casino concessionaire is the only company that can operate a foreign currency exchange station within its gaming facilities.

GGRAsia has contacted the Macau Financial Services Administration for comment on the purpose of the change of wording in relation to the foreign exchange approval for casino properties. We have not received a response until this story has been posted online.

Macau’s government has stepped up efforts to cope with unauthorized currency exchanges by third parties inside or near game venues. The Macau government has proposed criminalizing such activities in the gaming and non-gaming sectors of casino resorts through amendments to a draft bill called the “Gambling Crime Prevention Act.” The issue will be discussed further in the city’s legislature.

Most bets at Macau casinos are denominated in Hong Kong dollars, with the majority of Macau visitors from mainland China and assets can be denominated in yuan, mainly in Chinese currency.