Wynn Not Worried about Macau Credit Legislation

MACAU – As reported by the Ponto Final: "Las Vegas gaming mogul Steve Wynn said on Wednesday that Macau's process of legalising casino operators' right to grant credit to gamblers was `moving on very nicely.'

"…`We are not very worried about the legislation,' Wynn claimed, assisting that the legislative process was `right on schedule.' However, he also reiterated his stance, expressed in Las Vegas earlier this year, that as an American casino concessionaire he was obliged to `obey every letter of the law in Macau,' because of which it was `necessary to make credit [by casino owners to gamblers] legal technically.'

"Presently, only banks and similar financial entities are legally allowed to grant credit to the public in Macau.

"…The Macau government has said it is in the process of drafting legislation that would allow casino operators to legally grant credit to gamblers and to right off bad gambling debts.

"…Wynn also said that previous news reports about his insistence on Macau's need to legalise the granting of credit to gamblers by casino operators had been `completely blown out of proportion.' He was, however, quick to add that without the lending of credit to gamblers casinos could not properly function…"

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