New Law: Gamblers cannot Escape their Casino Debts in Monaco
The National Council unanimously voted on a bill that will allow the SBM to collect debts from its customers. The purpose of Bill 1019 is to put an end to the legal exception of gambling debts with regard to casinos, regardless of the date of the debt and even if the debt was amassed with a subsidiary company of the gaming house.
The new bill will allow the Société des Bains de Mer to act in order to obtain both repayment of faulty checks issued by a player in return for casino chips and for the reimbursement of any advances made by the group.
According to the National Council, the bill puts an end to any former uncertainty in the matter, and amends Article 1804, which did not allow for any action against players who did not pay their debts, when the debt was caused by an advance intended for gambling. This meant that no action to recover debts was possible and players were able to escape paying their gambling debts to the casino.
“No one can dispute that risk is an integral part of the gaming sector. It is therefore not surprising to note, on reading the Annual Financial Report of the Société des Bains de Mer from 31 March 2020: ‘The activity of casino games is by nature subject to a hazard, which exposes the SBM to a risk of loss of turnover in the event of very significant gains made by one or more players over a short period,” states Bill n° 1019.
According to President of the National Council, Stéphane Valeri, the sums concerned potentially equate to several million euros. The law was passed at a pivotal time for the SBM.
The bill was tabled back in August 2020; since then, the economic state of the company has declined because of the COVID-19 pandemic.
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