Macau, the special administrative region of China, has passed a new law that creates greater regulatory oversight for the casino industry.
According to a report from ReutersThe changes to the current casino law are “the biggest reforms in more than two decades.” The repairs came before the bidding process for licensees to do Las Vegas-style gambling.
The vote came as the Chinese Special Administrative Region was holding a mass Corona virus disease– 19 tests for more than 600,000 people after dozens of locally transmitted cases were discovered in recent days.
Under the changes, the tax rate on casino revenue will rise 1%, from 39% to 40%.
Another requirement proves the minimum monetary requirements. The casino is required to hold the equivalent of $618.43 million in cash, according to the report.
Macau is the only place in China where casinos are legal. Usually more than 90% of visitors to Macau come from mainland China.
The former Portuguese colony is home to six casino companies. At least 8 casinos are expected to close this year due to the economic downturn.
