The total number of Macau’s licensed gaming promoters – also known as ‘junkets’ – stands at 30 as of July 28, the highest figure since the beginning of 2023, show official data. But the tally remains 40 percent below the government’s cap of 50 junkets for the local gaming market during the current year.
Macau has seen five junkets added to the roster of actively-licensed gaming promoters relative to figures available in May, according to an updated list published by the city’s casino regulator, the Gaming Inspection and Coordination Bureau.
The recent 20-percent expansion in the licensed-junket tally coincided with the growth seen in Macau’s VIP gaming revenue in the second quarter this year, though Macau high-value players can be recruited directly by the house, rather than being junket-recruited. The city’s VIP baccarat segment – the game of choice for Macau high rollers – generated gross gaming revenue (GGR) of MOP16.33 billion (US$2.02 billion) in the second quarter. That was up 13.0 percent sequentially, and up 22.7 percent year-on-year.
“The sequential uptick in Macau’s VIP segment in the second quarter of 2025 was likely supported by a combination of targeted capacity additions, more licensed [gaming] promoters, and entertainment-led direct VIP player acquisitions,” commented banking group Morgan Stanley in a Monday memo, discussing Macau’s GGR trends.
“Operators are focusing more on renovating or adding new facilities aimed at attracting the high-end segment,” added the institution.
Morgan Stanley further stated in relation to non-gaming attractions helping to stimulate player demand for the city’s casino services: “Large-scale entertainment events, although primarily mass-oriented, also appear to attract direct VIP players engaged independently by operators rather than through traditional junket channels.”
Two junket sector sources gave GGRAsia some commentary on the topic, requesting anonymity.
They respectively suggested that while the VIP gaming sector – including junket VIP play – had seen growth in the second quarter, market conditions remain challenging in terms of junkets being able to turn a profit and expand business under the city’s updated regulatory framework for gaming.
It prevents them sharing gaming revenue with casino operators, and permits them only to earn a commission – minus a 5 percent withholding levy – for introducing high-value players to the house.
The junket sector sources said cannibalisation of business was a problem, as junkets competed fiercely for a limited market. Another major challenge was so-called ‘direct VIP’ business, where high-value players are recruited and managed directly by the house.
One of them further remarked to us: “There are indeed new entrants that manage to get licensed because they are able to source sufficient gaming patrons. But it may not be a surprise if some others working in the local market eventually choose to exit the [junket] sector.
