Macau Caps Limit at 50 Junkets For 2024
Macau’s Gaming Inspection and Coordination Bureau (DICJ) announced on Monday that it will implement a cap on the number of junket licences issued in 2024. A total of 50 junkets will receive a licence to work with the casinos on the island. The number of agents allowed to work in the junket industry will also be limited to 250.
The new gambling law in Macau has brought various changes for intermediaries that organise junkets. A junket refers to a short-term gambling programme that is arranged by an operator for one or more players at a casino, on terms agreed between the house and the player. These exceptional conditions are typically limited only to high-wealth players. Online land-based casinos are allowed in Macau, online gambling is not regulated.
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Sands and Melco Resorts Amongst The Licensees
According to a list published by the regulator DICJ, gambling companies Sands China Ltd and SJM Holdings Ltd have been allowed to work with up to 12 junkets, GGR Asia reported. The subsidiaries of MGM China Holdings Ltd and Melco Resorts & Entertainment Ltd have obtained eight junked-oriented partnerships each. Galaxy Entertainment Group Ltd and Wynn Macau Ltd are limited to 5 deals with junkets organisations. A junket may only close a deal with one casino. There will also be a limit on the number of agents, the employees who introduce wealthy individuals to the junkets. There have been reports of junket organisations that take wealthy gamblers to casinos in Australia. The Australian gambling law prohibits junket organisations in the country.
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Room For All Existing Junkets
At an earlier stage it was announced that from now on junkets will only receive commission on the chips obtained in the special VIP areas. This commission is reported to be capped at 1.25%. As a result of these new regulations, many ex-agents of junket organisations have applied for other job positions. In Macau, the gaming sector accounts for 18.3% of Macau’s employed population (June 2022). The junket market in Macau has been losing power in recent years. In January 2022, 46 junkets were still active in the special administrative region of China. A year later this amount had dropped to a total of 36 junkets. With the new limit of allowed junkets now set at 50, all 36 existing junkets in Macau can potentially strike a deal with a gambling operator. Since 2006, when it overtook Las Vegas, Macau has been the world’s most important gambling destination. Since the covid pandemic it has lost some of its power due to a zero covid-policy on the island.
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