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Macau Periodical Index (澳門期刊論文索引)
- Author
- Pereira, Alexandre Liborio Dias
- Title
- Casino law in Macau: from competition to consumer protection?
- Journal Name
- Universidade de Macau : Boletim da Faculdade de Direito = 法律學院學報
- Pub. Info
- 2015, No.36, pp. 43-58
- Keyword
- Casino gaming；Regulations；Competition；Consumer protection
- Abstract
- Abstract : Macau became a world-wide major gaming market with a specific renewed regulatory framework. Based upon the theory of the 'privileged business', gaming is a legal monopoly of the executive of Macau SAR (China), and the exploitation of this activity is only available to some concessionaires that comply with strict requirements concerning suitability of actors and finacial capacity. In return for gaming concessions, the concessionaires pay signaficant premiums, taxes and contributions, and they are bound to a program of relevant investments in the Region. In the operation of casinos, concessionaires are subject to a high degree of control by the Executive within a relationship ruled by a principle of full disclosure and straight cooperation, and they have to comply with anti-money laundering regulations. Moreover, in order to assure accomplishment of their obligations to the Region, concessionaires provide significant financial guarantees. Despite the restrictive regulatory framework in the sense that gaming business still remains a public monopoly, the new legal framework of casino gambling has introduced competitioin in the gaming marketplace. Monopoly has been replaced by oligopoly and, moremover, casino regulations provide that junket promoters can work with more than one concessionaire, and that casino credit operatiions are not considered game usury under certain circumstances. The introduction of competition in the casino marketplace may improve consumer welfare in the gaming sector, according to the rationale of traditional theories that justify the supremacy of free competitioin over monopoly in terms of promoting consumer welfare. However, the sensitive nature of casino gambling, regarding the status of consumer irrational choice, could perhaps justify a more protective legal enviornment from a viewpoint of consumer protection. This is particularly sensitive concerning the liberalisation of casino credit operations, for which no interest rate limit seems to be provided. Another dimension of casino consumer protection concerns the fairness of the game, so that the consumer is granted a reasonable chance to place a winning bet. Finally, on-line gaming clearly places a serious demand for consumer protection. Paragraph Headings: 1. Sources of Macau gaming law 2. Economics of casino gaming 3. The sensitive nature of casino gambling: a 'privileged business' of the entertainment industry 4. Basic principles of Macau casino law 5. The concession of casinos 6. Casino duties: premiums, taxes, contributions, and investments 7. Casino transparency: full disclosure 8. Financial provisions and guarantees 9. Casino junket promoter 10. Casino gaming credit operations 11. Final remarks