Australian gaming machine innovator, Aristocrat Leisure Limited, has reportedly announced the establishment of a new limited liability enterprise that is to be tasked with handling all of its business in Macau.
Subsidiary stand-in:
According to a Tuesday report from GGRAsia, the Sydney-listed firm unveiled the formation of its new Aristocrat Technologies Macau Limited concern earlier this month as a replacement for its Aristocrat (Macau) Proprietary Limited subordinate, which is to see its license from Macau’s Gaming Inspection and Coordination Bureau regulator expire on Sunday.
Legislative regard:
Aristocrat reportedly detailed that the new entity was set up after officials in Macau floated a proposal that would require all local gaming machine suppliers to be registered as a limited liability venture in the special administrative region of China rather than as a branch of any foreign-owned company.
According to a statement from Aristocrat…
“The draft legislation included an effective date of January 1, 2019. However the revised regulations have not yet been published. To ensure compliance with these requirements and to allow sufficient time to manage all the aspects associated with transferring our business to a local limited liability company, Aristocrat Leisure Limited has established a locally-registered company, Aristocrat Technologies Macau Limited.”
License secured:
Established in 1953, Aristocrat Leisure Limited is also responsible for Las Vegas-headquartered, Aristocrat Technologies Incorporated, and reportedly declared that its latest Macau-facing effort already holds a license from the Gaming Inspection and Coordination Bureau that is not due to expire until the end of March of 2020 ‘provided [this] accreditation is not earlier suspended or revoked.’
Stable management:
Chris Rowe, Asia-Pacific Managing Director for Aristocrat Leisure, explained that Aristocrat Technologies Macau Limited is to be fully-owned by his Sydney-based firm and be led by the same management team as its predecessor.
Rowe’s statement read…
“Please be assured that we are working to ensure the transfer to the new entity occurs without inconvenience and with no disruption to our usual business processes.”
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