The next round of poker machine entitlement trading has been announced today by Minister for Business Services and Consumers John Rau.
“The trading round scheme is designed to allow gaming machine entitlement holders to sell their entitlements, whilst also reducing the number of gaming machines in South Australia,” Mr Rau said.
“With each trading round, we’re seeing more poker machines that are being effectively traded out of the marketplace.
“The next round of trading will be held on 13 June 2013. Closing day for the lodgement of applications to buy or sell poker machine entitlements is 10 May 2013.
“The most recent trading round held in January saw 26 poker machine entitlements taken out of circulation.
“This is double the number of entitlements taken out in the first round, further reducing the number of poker machines operating in South Australia.
Under the Gaming Machines Regulations 2005, the Government removed the previous fixed price of $50,000 per entitlement and established a market-driven price model.
Under the trading system, sellers nominate a minimum price for their entitlements and buyers nominate a maximum price they are prepared to pay. The Liquor and Gambling Commissioner then matches up buyers and sellers to facilitate the sales, whilst one in four gaming machine entitlements sold by hotels are cancelled.
“With the announcement of the expansion of the Adelaide Casino, the Casino will need to participate in future trading rounds to purchase additional poker machine entitlements,” Mr Rau said.
“This should increase trading in the market, which could assist the reduction in gaming machine entitlements in South Australia.
“Proposed amendments to legislation will allow them to do that from July.”
Further information regarding the gaming machine trading rounds, including reviews of previous rounds is available from www.cbs.sa.gov.au