Minns Government lowers poker machine entitlements in NSW, reduces cash feed-in ...
https://www.nsw.gov.au/media-releases/poker-machine-limit-lowered
Minns Government lowers poker machine entitlements in NSW,
reduces cash feed-in limit on new machines
The NSW Government has reduced the number of poker machines able
to be operated in the state by more than 3000.
Published: 23
Jun 2023
Released
by: Minister for Gaming and Racing
Business and economyCommunity gaming
The NSW Government is delivering on its ongoing commitment to
gaming reform, reducing gambling harm and preventing money laundering.
Under
regulation, pubs and clubs need to have sufficient gaming machine entitlements
to legally operate poker machines, and these entitlements can be traded between
venues.
The
government has lowered the state’s cap on poker machines entitlements available
to pubs and clubs across NSW by more than 3000, limiting it to entitlements
currently in circulation.
The
Independent Liquor and Gaming Authority has also approved a tenfold decrease in
the cash feed-in limit for all new poker machines entering service from 1 July.
The new
limit will be $500, down from $5000, reflecting the government’s pre-election
commitment.
These
announcements follow on from the government’s ban on external signage for
gaming rooms, which will come into effect on 1 September 2023.
Venues
have until then to remove signs like ‘Dragon’s Den’, ‘VIP Lounge’ or other
names that allude to gambling.
The
government has also already passed legislation that bans political parties
accepting financial donations from clubs with gaming machines from 1 July 2023.
Prior to
the election, the NSW Government committed to a number of changes to curb
gambling harm and prevent money laundering, including:
- increasing the forfeiture of gaming machines
entitlements
- implementing a cashless gaming trial of 500 machines
- establishing an independent panel to oversee the cashless
gaming trial.
For more
information about gaming machine entitlements (GME), visit Liquor
and Gaming NSWlaunch.
Minister
for Gaming and Racing David Harris said:
“We
promised the people of NSW that we’d reform the gaming sector in a way that
reduced gambling harm while future-proofing the industry.
“One of
these commitments was to reduce the number of poker machines in this state –
and this is an important step forward.
“Further
down the track, we’ll also be changing the GME forfeiture scheme so that for
every 2 entitlements traded, 1 will be forfeited – which will see numbers drop
at a faster rate.
“It’s
important that as we navigate through these changes, we engage with industry so
that we can ensure vibrancy of our hospitality and gaming industries.”
The release today goes someway to providing certainty in the
hotel industry around Gaming.
The decline of 3,000 machines has already happened with the
forfeiture by hotels and clubs since the inception of the scheme.
The final comment: … “Further down the track, we’ll also be
changing the GME forfeiture scheme so that for every 2 entitlements traded, 1
will be forfeited – which will see numbers drop at a faster rate.”
This should go some way to arresting the declining GME
values, by further reducing supply. There will possibly continue to be a
short-term oversupply for those above the “Country Closure” limit of 6, however
it may trigger greater usage of the leasehold GME marketplace.
All up this is good news for those hoteliers who have excess
GME's, providing potential GME purchasers with some future clarity….. and those
hoteliers contemplating increasing numbers, should now react before a
tightening of supply.
Currently I have a number of GME’s for sale or lease.
Please feel free to call and discuss your options.
Regards
Nicholas Tinning
0417 252199
