• 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

Tighter capital rules step forward for Macau junkets: govt

Apr 18, 2016 Newsdesk Latest News, Macau, Top of the deck  


Tighter capital rules step forward for Macau junkets: govt

Macau’s Secretary for Economy and Finance, Lionel Leong Vai Tac (pictured), confirmed on Friday that the government and the junket sector were discussing the introduction of tighter capital rules for the industry.

The head of the largest association of Macau VIP gaming promoters – the Association of Gaming and Entertainment Promoters – last week told GGRAsia the group was in talks with the local gaming regulator about the possibility of increasing by 100 times the amount of capital deposit that any newly-registered VIP promoters must lodge with the authorities. If the idea were adopted, it would raise the required deposit to MOP10 million (US$1.3 million), from the current MOP100,000 level set in 2004, junket industry representative Kwok Chi Chung said.

“Raising the [capital] threshold for [junket operators] is the message we obtained after we talked to the industry and to different social sectors,” Secretary Leong said on Friday, quoted by public broadcaster TDM.

He added: “I think it’s also a correct direction. For the concrete contents, we still have to engage in further discussions with the industry and society.”

Mr Leong however said the government did not want to rush a decision on the matter.

In January the gaming bureau said the number of registered junkets had fallen by 23 percent over a 12-month period. In the first quarter of 2016, VIP baccarat gross gaming revenue – a gauge for VIP gaming performance – fell 19.3 percent year-on-year, weighed down, say analysts, by China’s anti-graft campaign and a slowing Chinese economy.

Junket association head Mr Kwok last week also told GGRAsia that his group had suggested to the city’s casino regulator – the Gaming Inspection and Coordination Bureau – the creation of a blacklist that the association members could use to identify people with bad debts relating to VIP gambling credit issued in Macau.

“For the setting up of the database, it must first meet the Personal Data Protection Law,” Mr Leong said.

He added: “In addition, its operation and direction must meet the needs of the industry.”

In a reply on Friday to GGRAsia on the blacklist issue, the Gaming Inspection and Coordination Bureau stated: “Regarding the creation of a credit debtor [data]base, the bureau is now studying the issue, so at this stage it is not convenient to disclose the details.”


  • tweet
Related articles
  • Morgan Stanley dips Macau 2021 GGR outlook on weaker VIP
    Morgan Stanley dips Macau 2021 GGR...

    Jan 08, 2021  

  • Macau casino ops supportive of staff, as promised: Lei
    Macau casino ops supportive of staff,...

    Dec 02, 2020  

More news
  • Sands China to pay US$2.4mln tax re Gondola Ride: court
    Sands China to pay US$2.4mln tax re...

    Mar 04, 2021  

  • A fresh US$2-bln casino project proposed for Vietnam
    A fresh US$2-bln casino project...

    Mar 04, 2021  


Latest News

Sands China to pay US$2.4mln tax re Gondola Ride: court

Sands China to pay US$2.4mln tax re Gondola Ride: court

Mar 04, 2021  

Macau’s Court of Second Instance has upheld decisions by a public department in the city, ordering casino operator Sands China Ltd to pay a total of MOP18.9 million (US$2.4 million) in tourism tax...
Read More
A fresh US$2-bln casino project proposed for Vietnam

A fresh US$2-bln casino project proposed for Vietnam

Mar 04, 2021  

LVS plans to keep U.S. base, stock listing: spokesman

LVS plans to keep U.S. base, stock listing: spokesman

Mar 04, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“Asia remains the backbone of this company and our developments in Macau and Singapore are the centre of our attention”

Robert Goldstein

Chairman and chief executive of casino operator Las Vegas Sands



Most Popular

  • Lim Kok Thay, GEN Singapore execs in US$1.3mln stock awardLim Kok Thay, GEN Singapore execs in US$1.3mln stock award March 2, 2021
  • Las Vegas Sands to sell off Nevada assets for US$6.25blnLas Vegas Sands to sell off Nevada assets for US$6.25bln March 3, 2021
  • Covid-19 test cert no longer needed for Macau casino entryCovid-19 test cert no longer needed for Macau casino entry March 2, 2021
  • Galaxy Macau to add Raffles-branded hotel towerGalaxy Macau to add Raffles-branded hotel tower March 1, 2021
  • Macau casino GGR down 9pct m-o-m in February: govtMacau casino GGR down 9pct m-o-m in February: govt March 1, 2021
Copyright 2014-2021 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us