• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Casino ops must improve junket supervision: Macau govt

Sep 21, 2015 Newsdesk Latest News, Macau, Top of the deck  


Casino ops must improve junket supervision: Macau govt

Macau’s Secretary for Economy and Finance, Lionel Leong Vai Tac, said the city’s gaming operators should “enhance” supervision of VIP promoters that operate in their casinos. Mr Leong, who oversees gaming policy in Macau, met with representatives of the six casino concessionaires and sub-concessionaires on Friday.

Mr Leong said the Macau government would keep supporting the development of the gaming industry, while continuing to improve gaming legislation to better regulate the sector, including junket operators. Casino operators “must also enhance supervision over gaming promoters,” he stressed, according to a government statement.

The official also said in the statement that a solid monitoring system would help the gaming industry optimise its management structure and lead to a healthy and sustainable development of the sector.

The meeting comes on the heels of an alleged fraud that rocked the Macau VIP gambling segment a fortnight ago. Macau junket operator Dore Entertainment Co Ltd, which operates VIP facilities at Wynn Macau, has confirmed it had been a victim of internal fraud by a former employee.

As of September 16, complaints made to police from those claiming to be investors in the cage operations of Dore involved at least HKD330 million (US$42.6 million).

At Friday’s meeting, the gaming operators stressed that they are complying with government policy, namely investing more in non-gaming elements, supporting local suppliers and providing on-the-job training for employees.

According to the statement, the casino operators’ representatives voiced some of their difficulties, such as the shortage of human resources, the regulatory regime for junkets, and fewer customers. The operators also urged the government to keep an open channel of communication and to do more promotion activities overseas in order to attract more tourists to Macau.

Not legally recognised

Several people claiming to be investors in the cage operations of Dore have made repeated public calls for help from the authorities to enable them to withdraw cash deposits placed with the junket operator.

It is common for junket operators in Macau to raise capital for their rolling chip programmes by offering private investors above-market interest rates for their deposits. Some media reports claim Dore was offering a 2 percent per month interest rate. Capital raised from such exercises is then typically used to extend credit to VIP players, most of whom come from mainland China.

On Friday, Macau’s gaming regulator, the Gaming Inspection and Coordination Bureau, said in a statement that under the territory’s Financial System Act only credit institutions “which have been duly constituted and authorised” may operate a business involved in accepting deposits and other repayable funds from the public.

The bureau additionally said that under Administrative Regulation No. 6/2002 – which regulates the conditions and procedures of issuing a licence to a gaming promoter – junket operators must submit information about any administrator and shareholder holding capital of the company equal to 5 percent or above for a “suitability check”.

“Any shareholder or administrator that has not been subject of the suitability check by the government, will not be legally recognised,” said the gaming regulator.


  • tweet
Related articles
  • Melco Resorts to run 20 electric buses in Macau from May 
    Melco Resorts to run 20 electric buses...

    Apr 18, 2018  

  • Macau gaming recovery very broad-based: JP Morgan
    Macau gaming recovery very broad-based:...

    Apr 17, 2018  

More news
  • Macau regulator approves Lucky 6 side bet for baccarat
    Macau regulator approves Lucky 6 side...

    Apr 25, 2018  

  • China lottery sales up 6pct March, 9pct for 1Q
    China lottery sales up 6pct March, 9pct...

    Apr 25, 2018  


Latest News

Macau regulator approves Lucky 6 side bet for baccarat

Macau regulator approves Lucky 6 side bet for baccarat

Apr 25, 2018  

Macau’s casino regulator has approved the introduction of a new betting option for the casino game of baccarat as it is offered in the local market. The announcement was published in the city’s...
Read More
China lottery sales up 6pct March, 9pct for 1Q

China lottery sales up 6pct March, 9pct for 1Q

Apr 25, 2018  

Konami wins Carnival Corp casino management tech deal

Konami wins Carnival Corp casino management tech deal

Apr 25, 2018  

Slideshow

Macau casinos celebrate Chinese New Year

Interviews

  • BMM prepped for Macau EGM regulation update: White
    BMM prepped for Macau EGM regulation update: White

    Jan 04, 2018  

    BMM Testlabs “ticks all the boxes” with regard to its...
  • Japan, Cambodia, Vietnam casino biz to watch: Klebanow
    Japan, Cambodia, Vietnam casino biz to watch: Klebanow

    Dec 08, 2017  

    The regulated casino industry is well versed in dealing...
  • Cloud services, e-Sports highlights of MGS 2017: Chun
    Cloud services, e-Sports highlights of MGS 2017: Chun

    Oct 23, 2017  

    The presence of some of the leading cloud computing...
  • Crunch time for Tokyo casino option: Caesars exec
    Crunch time for Tokyo casino option: Caesars exec

    Jul 11, 2017  

    The Tokyo local election setback for Japan’s governing...
  • Suncity bets on Vietnam, resurgent Macau VIP: Andrew Lo
    Suncity bets on Vietnam, resurgent Macau VIP: Andrew Lo

    Jul 06, 2017  

    A multibillion U.S. dollar casino project on Vietnam’s...

Pick of the Day

"As CEO, I am not interested in looking at the rear-view mirror… I am only focused in the future"

Matt Maddox

Chief executive of Wynn Resorts and Wynn Macau



Most Popular

  • Macau Legend plans min US$300-mln further Laos inputMacau Legend plans min US$300-mln further Laos input April 24, 2018
  • Wynn Macau Ltd profit doubles, peninsula revamp soonWynn Macau Ltd profit doubles, peninsula revamp soon April 25, 2018
  • Macau regulator approves Lucky 6 side bet for baccaratMacau regulator approves Lucky 6 side bet for baccarat April 25, 2018

Copyright 2017 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us