@@ -1,1 +1,1 @@ - +picnicgardenflushing.com, [https://www.picnicgardenflushing.com/ https://www.picnicgardenflushing.com/]; <br>HONG KONG, June 21 (Reuters) - Legislators in Macau approved a landmark casino bill on Tuesday, the biggest reforms in more than two decades, ahead of an expected casino licence bidding process in the world's biggest gambling hub.<br> <br>The changes - marking the first major reforms since casinos were first liberalised in 2002 - mean far greater oversight and control by the government into casino operations in Macau.<br> <br>The vote came as the Chinese special administrative region carries out mass COVID-19 testing of its more than 600,000 population after dozens of locally transmitted cases were found in recent days.<br> <br>A hotel and casino resort on Macau's main peninsula was locked down by authorities on Tuesday due to a coronavirus infection, with some 700 people forced to quarantine.<br> <br>Macau's legislature released a final draft of a highly anticipated gaming bill last week, fixing casino tax to 40% from 39% currently and giving officials far greater [https://www.Youtube.com/results?search_query=oversight oversight] into casino operations<br> <br>The 55-page document, released in Portuguese and Chinese on the legislature's website, comes as the government is due to formally sign a six-month licence extension for casino operators this week.<br> <br>The moves are expected ahead of casino license expirations due this month.<br><br>The extension, to Dec. 31, allows more time for a highly anticipated rebidding process. Macau is the only place in China where gambling in casinos is legal.<br> <br>The final version is similar to an initial draft first circulated in January but clarifies that casino tax on gross revenues will increase to 40% although the chief executive has discretion to reduce up to 5% if operators succeed in attracting non-mainland [https://www.google.co.uk/search?hl=en&gl=us&tbm=nws&q=Chinese%20gamblers&gs_l=news Chinese gamblers].<br> <br>Casino operators must have 5 billion patacas ($618.43 million) in cash at all times during the 10-year license period.<br> <br>Macau's casino operators - Wynn Macau, Sands China , MGM China, Galaxy Entertainment and Melco Resorts - all have sufficient liquidity with only SJM Holdings needing to beef up liquidity, analysts said.<br><br>(Reporting by Farah Master Editing by Bernadette Baum)<br><br>adverts.addToArray({"pos":"inread_player"})Advertisement