Government meets casino operators

The Secretary for Economy and Finance, Mr Francis Tam Pak Yuen, met with the management of six casino concessionaires today to exchange views on the development of the industry. Speaking to the press after the meeting, Mr Tam disclosed that the discussions were focused on the commission rate on VIP chips and the number of tables. He said the operators had basically concurred that 1.25% is a reasonable rate for a commission cap. He said the Government would continue to review this matter and, if necessary, give operators some guidelines in line with the consensus they have reached, for their self-regulation, and would introduce measures to enforce the guidelines if necessary. The operators had offered different opinions on the number of gaming tables, Mr Tam said. He said that recently the Government has become concerned with the industry’s competition for the VIP business. The Government is responsible for the healthy and sustainable development of the industry and the balance between the interest of the industry and the society as a whole, said Mr Tam. The Chief Executive, Mr Edmund Ho Hau Wah, said at the Legislative Assembly last month that the Government was reviewing the future direction of the industry. Mr Tam said the Government believed that now is the appropriate time for the Government to play a more active role in directing the scale of the industry and maintaining its healthy development, four years after the first new operator entered the market. He reiterated the remarks of the Chief Executive – that the Government would strictly control the scale of the industry and co-ordinate with the industry for its healthy and sustainable development. Representatives of the six companies who attended today’s meeting included Mr Francis Lui of Galaxy Casino, S.A.; Mr Lawrence Ho of Melco PBL Jogos (Macau), S.A.; Ms Pansy Ho of MGM Grand Paradise, S.A.; Mr Stanley Ho of Sociedade de Jogos de Macau, S.A.; Mr Stephen Weaver of Venetian Macau, S.A. and Ms Linda Chan of Wynn Resorts (Macau), S.A.