Macau junkets fall foul of new rules

Macau junkets fall foul of new rules

Friday, January 15, 2016 Totally Gaming

Macau’s authorities have disqualified around a fifth of the Chinese province’s official junket operators as it continues to deal with the central government’s crackdown on gambling and corruption.

Gaming inspection and coordination bureau (DICJ) chief Paulo Martins Chan said that 35 of the approximately 180 junkets had failed to submit the required accounting information ahead of new rules being implemented this month.

According to new guidelines announced in October 2015, all junket operators are to compile and submit monthly accounting reports to the gaming regulator. Junket operators must also file with the gaming regulator details on the key personnel in charge of financial operations.

Speaking to Radio Macau, Chan accepted that the junket industry might have some “difficulties” adapting to the rules but said the changes were necessary for an “honest gambling industry”.

Analysts estimate the number of junket tables has fallen by a third since the start of 2015, and about 100 junket operators have gone out of business.

The risks associated with junkets have been highlighted by allegations in recent months of the alleged theft of at least $64.5m (€59.1m) by a Dore Entertainment employee, and $12.8m from VIP rooms at the SJM Holdings-licensed L’Arc casino.

Macau’s casino industry has experienced 19 consecutive months of decline, with the $2.3bn in revenues taken in December 2015 a 21.2 per cent year-on-year drop.

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