Macau authorities assure no risk from satellite casino loans

The Monetary Authority of Macau (AMCM) has assured that loans to satellite casinos do not pose a risk to the financial sector, even if these casinos close by the end of the year. 

In response to an inquiry from legislator Ron Lam, AMCM stated that loans to satellite casinos represent a very small portion of total loans granted by the banking sector, the Asian Gaming Brief reported.

The announcement follows concerns surrounding the potential closure of several satellite casinos, with some 11 facing shutdowns by December 31st. Nine of these are operated under the license of legacy gaming operator SJM.

The Gaming Inspection and Coordination Bureau (DICJ) has also expressed its readiness to manage any market fluctuations stemming from the end of the satellite casino arrangement. The bureau said it is in ongoing communication with the sector and other government departments to address any potential disruptions to the gaming industry or social stability.

As the closure deadline approaches, questions have been raised about the fate of satellite casino employees and the impact on local businesses. In response, the DICJ has confirmed plans for handling employee transitions, with the Labor Affairs Bureau assessing staffing needs to potentially transfer workers to other roles.

While no new details were provided on the movement of gaming tables, the DICJ assured that the SAR’s interests in taxes and other casino-related charges will be protected.