The era of junkets and high-rollers in Macau casinos is coming to an end with the introduction of new gambling regulations from mainland China.
There is a new Gambling Legislation for Macau
As a result of COVID measures, China’s National Immigration Administration has restricted all non-essential trips abroad of Chinese citizens. The so-calledbound gamblers, who have traveled to Macau and Hong Kong more than three times a year, will be restricted and investigated. These new rules aim to fight illegal gambling activities and have already made it possible for the imprisonment of two prominent junket executives.
The new law on gaming in Macau is one of the things that bides the time of a high net worth individual. The new rules prohibit junkets from accepting deposits from players, and only concessionaires have the right to do so. The junket law has been deceived by the new bill of the name “Legal Framework for Operating Games of Chance in Casinos”. According to the new legislation, junkets will only be allowed to bring players to the casinos and get chips, according to the Chairman of the Second Standing Committee of the Legislative Assembly.
The new legislation stopped the agreements between casinos and junkets on sharing revenue and the separate junket rooms in casinos.
The changes are positive for the parent company Las Vegas Sands
Las Vegas Sands executives welcomed the change as a positive development, saying that it will focus the business. Grants China COO sees an evolving market in Macau as a valuable asset that could be used by a wider segment of gamblers to the advantage of the venues. The following is what he has said.
Macau may be looking at how each operator redeploys assets, but as far as we are concerned, we feel pretty positive about redeploying a lot of those gaming spaces for the premium mass segment, especially with the new products we have developed over the past two years.
After the Macau gambling market recovers from the challenges posed by COVID, Chum expects that the company will be able to attract customers from the rest of Asia with these new products and expanded gambling spaces.
Sands China has announced it is restructuring its VIP rooms at its Macau properties as the era of the junkets and VIP salons in Macau casinos are coming to an end with new gambling regulations from mainland China. Sands China COO Grant Chum said, “We feel pretty positive about redeploying a lot of those gaming spaces for the premium mass segment.”