In Macau, the leader of a trading organization representing many of the city’s junket vendors is said to have called on the government to increase the minimum amount of cash companies must acquire to allow VIP players to enter more than 30 casinos in the region.
Guo Qichung, president of the Macau Game and Entertainment Promoters Association, reportedly told the Macau Daily Times newspaper that junket operators now only need to provide a deposit of about $12,400 to be defined as such, and that the provision is “too low.”
Kwok told the newspaper, “It costs me $12,400 to do a multi-billion dollar business, which is, of course, too low.”
There are more than 190 licensed junket operators in Macau, the largest of which are Suncity Group, Neptune Group Limited, Dore Holdings Limited and Asian Entertainment and Resources Limited, Reuters News Service reported. The companies are also known as VIP room promoters and act as facilitators for casinos to ensure certain profits in exchange for free accommodation and travel services, often with other unique benefits to wealthy customers who are businessmen from neighboring China.
Macau’s Gaming Inspection Coordinating Bureau regulator recently explained that Macau’s total VIP baccarat total game sales rose 34.8% year-on-year to $4.46 billion between April and June. Reuters explained that junket operators often use a network of agents known as subjunkets to identify VIP players and collect debt in exchange for certain fees.
Kwak reportedly told the Macau Daily Times that government oversight of former Portuguese residences should be strengthened and restrictions should be imposed on bank accounts held by these companies as guarantees against theft.