The third public hearing on the anticipated casino crackdown in Macau has been canceled

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Due to Covid-19 flare-ups and a tropical storm, Macau has canceled three town hall meetings intended to gather public opinion on a proposed tightening of casino laws in the world’s largest gambling market.
The city upgraded its warning signal to No. 8, a severe kind of storm, which would be in force throughout the morning, forcing local authorities to postpone a consultation meeting set for Wednesday (October 13).
It canceled two prior events, on October 9 and September 29, claiming a recurrence of local viral clusters as the reason.
The plan to strengthen control of Macau’s most important business comes as China tightens its grip on the private sector, including technology and education.
It sparked a historic sell-off of local gaming equities worth US$18 billion (S$24.4 billion) and raised doubts about Macau’s future as the world’s gambling capital.
The intelligence index of the city’s six casinos has not recovered since the announcement on September 14, falling 24%.
The idea may be a cornerstone of Beijing’s larger effort to diversify and reduce the enclave’s reliance on the gaming sector since it is the only area in China where gambling is permitted. There is just one more public session before the 45-day comment process ends on October 29, and there is still no clarity on what the new regulations will look like.
Officials met with Macau’s gaming operators last month to discuss proposed changes to the legislation, including sending government agents to directly monitor casino enterprises, allowing the authorities to authorize dividend distribution, and increasing local ownership of the gambling firms. While the authorities stated they were willing to hear public input on the planned changes to casino law, the meeting provided few specifics on significant problems that investors are concerned about.

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