Macau junket warns customers of continued scrutiny

Junket operator SunCity has sent a warning message to its agents and customers highlighting the risks associated with moving funds across the border to China.

The junket, which sent the message on Friday, highlighted the ongoing risk of moving funds and keeping funds in bank accounts which may be linked to channels of cross border fund transfer.

“The exact purpose of the warning is not clear at this stage. It may be for purposes of reminding agents and players about the need to be vigilant,” said Bernstein in a note on Monday.

The analysts said the warning should be viewed as a highlight of the continued risk associated with China’s focus on capital outflows on Macau gaming GGR.

“In the short run, the warning may lead to some customers keeping their funds in junket accounts rather than potentially transfer back to China. However, there may also be heightened concern about using various cross border transfer channels, which may create some liquidity headwind for the junket industry,” said Bernstein.

More news from this jurisdiction

MacauThursday, Nov 23, 2017

Macau junket operator SunCity Group says it is expanding its non-gaming offerings by investing in travel products and entertainment options that attract high rollers.

MacauWednesday, Nov 22, 2017

Emperor Entertainment Hotel Ltd reported a 12.8 percent increase in profit for the six months ended September 30, 2017, reaching HK$118.6 million (US$15.2 million).

MacauTuesday, Nov 21, 2017

The Macau government is expecting total expenditure in 2018 to be more than MOP109.6 billion (US$13.6 billion), a 14.5 percent increase from the budget this year.

MacauTuesday, Nov 21, 2017

Sands China Ltd. celebrated the 10th anniversary of The Venetian Macao Monday, highlighted by a ceremony at the outdoor lagoon of the iconic integrated resort.

MacauTuesday, Nov 21, 2017

Total visitor spending in Macau, excluding gaming, grew 8.8 percent year-on-year in the third quarter of 2017, according to data from the Statistics and Census Service (DSEC).

MacauMonday, Nov 20, 2017

Casino operator MGM China is launching a number of Grand Opening Offers ahead of the opening of MGM Cotai on January 29, 2018.

MacauMonday, Nov 20, 2017

The Macau Grand Prix led to a slowdown in gross gaming revenue in Macau, with visitors deferring their trips in order to avoid busy traffic and road blocks last week, said Bernstein.