Macau Junkets Set to Lose operating Licenses
A number of Macau casino junket operators are on the brink of losing their licenses.
The Gaming Inspection and Coordination Bureau has announced that 19 junket operators are operating with unsatisfactory practices. DICJ chief Paulo Chan spoke at the Macau Gaming Show 2016. Mr.Chan announced 145 approved junket accounting systems have shown that more than 10 junket operators are suspected of illegal operational practices. The licenses of these junket operators will be revoked unless they comply with Macau’s gambling regulations.
Promoting Improved Gambling Regulations
DICJ aims to promote an improved regulated junket operator activity. The bureau has said that it will give these operators an adjustment period where they augment their current accounting practices. DICJ’s Paulo Chan gave the warning until the end of Q4 or be reprimanded by DICJ. It’s another round of license confiscation operations once the 19 junket operators fail to comply. The DICJ has revoked the licenses of 35 junket operators in Q1.
Macau Polytechnic University professor, Changbin Wang, spoke during the Macau Gaming Summit about DICJ’s lenient approach towards junket operators. Mr.Wang emphasized that the DICJ should be more meticulous and aggressive in terms of conducting background checks of junket personnel. Junket shareholders with a stake above 5% must be required to submit detailed paperwork for approval. Player representatives and agents should submit their complete names with criminal clearances.
VIP Gambling is Gradually Recovering
Industry pundits are optimistic that Macau’s gambling economy will rise from the ashes like the legendary Phoenix. Macau’s VIP gambling share plunged to a record low 45% in Q3. However, Suncity Group chief executive Alvin Chau believes that 2016 is a period of gradual recovery and 2017 will be better.
Mr.Chau is optimistic without any sharing revenue performance figures. He says that the junket business will be augmented once a bad debtor blacklist is established. The DICJ announced in Q2 that the much-requested blacklist is now a viable option. DICJ says that the blacklist process is now a work in progress settling legal issues before it is applied.