Junket Law in Macao: only 14 operators remain active amidst new rules

Legislation

Junket Law in Macao: only 14 operators remain active amidst new rules

Monday 26 de June 2023 / 12:00

2 minutos de lectura

(Macau).- Macau’s junket industry currently operates 14 licensed gaming junkets in the region, according to U Io Hung, president of the Macau Professional Association of Gaming Promoters.

Junket Law in Macao: only 14 operators remain active amidst new rules

U lo Hung, president of the Macau Professional Association of Gaming Promoters, spoke at a recent seminar on the future development of the city’s gaming industry, and he emphasised that the new junket law had resulted in low income for junket operators, making it increasingly challenging for them to survive.

Under the new junket law, the commission rate for VIP junkets is capped at 1.25 per cent of rolling chip turnover, with junket operators required to pay a 5 per cent tax on their commissions each month.

This is a significant change from the previous policy, under which the SAR government waived the commission tax.

The president of the Macau Association of Gaming and Entertainment Promoters, Kwok Chi Chung, told Macau News Agency in a previous interview that the change was made effective in January this year.

As a result, many former junket staff have sought employment in other countries’ casinos, introducing Macau’s successful business model to these regions. In contrast, the development of Macau’s junkets is currently restricted, making it increasingly challenging for them to sustain their operations.

During the seminar, Hung also warned that Macau’s gaming industry faces a looming threat as neighbouring regions with abundant tourism resources, such as Japan and Thailand, gradually open up for gaming.

He emphasised the need for Macau to stay competitive and ensure that its gaming industry continues to thrive following a shake-up last year.

By Therese Tu

Categoría:Legislation

Tags: Sin tags

País: Macao

Región: Asia