The Venetian Macao has not submitted a replacement for managing director Jorge Neto Valente and legal sources suggest by Sunday the company will be in breach of the law and may lose its gaming license, reported Lusa News Agency.

Lawyer Mr Valente, who held the post of managing director of the Venetian Macao and has a market share of 10 percent of the company, resigned from office early in April.

According to the law the resignation was due to take effect at the end of the month following its submission. Mr Valente’s resignation will therefore take effect at the end of this month.

Also according to the gaming law the company must appoint a new director before the resignation takes effect, reports the MDT.

The Venetian is yet to nominate a successor, according to Lusa.

Without a managing director, the Venetian Macao, owned by the U.S. Las Vegas Sands, will be in “breach of the law and of the contract signed with the government in December 2002,” explained legal sources contacted by Lusa in Macau.

“The law is very clear and in accordance with Article 19, the management of the concessionaires must be delegated to a chief delegate who must be holder of 10 percent of the share capital and permanent resident of Macau, or must have lived in Macau for over seven years,” Lusa quoted a lawyer as saying.

The appointment is also subject to prior government approval, according to sources quoted by the agency.

“If the company did not provide a new chief delegate and his appointment is a process that always takes weeks – because the government has to verify the suitability of the chief delegate proposed – the Venetian may also be for some time be without an interlocutor with the Government, ” the source said.

“In Article 47, the law defines that” a concession for the operation of games of chance in a casino may be terminated unilaterally by the government in case of failure to comply with the basic obligations that the concessionaire is legal or contractual obligation,’ ” Lusa quoted the source as saying.

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