The Philippines remains on the Financial Action Task Force’s (FATF) gray list after its latest review, with the anti-money laundering body continuing to express concern over monitoring of casinos and junkets.
Macau’s Court of Final Appeal has ruled that operators and junkets are jointly liable for client deposits in all nine cases presented before the court.
Global online gambling is booming, although a major new analysis has found that about 61 percent of online betting sites are effectively operating illegally, especially in Asia, where junkets are playing an increasing role.
Labor has been an issue in Macau both in good times and bad. With virtually zero unemployment prior to the pandemic and restrictions on importing employees, staffing costs were notoriously high.
Macau’s efforts to diversify its economy and tourism base are being hampered by employment issues, which may get worse as operators come under pressure to absorb workers shed from satellite casinos and junkets.
A law to cover Macau's junket industry, sub-agents and satellite casinos has passed its first ready in the Legislative Assembly, with only one vote against the bill.
Future junkets in Macau will be subject to stricter licensing and probity requirements and operational flexibility,including only being able to do business with one gaming operator.
Macau casino operators MGM China and Wynn Resorts have confirmed through their latest annual reports that they have ended all cooperation agreements with gaming promoters (junkets) in Macau since December 2021.
Las Vegas Sands, the parent company behind Sands China has confirmed it had terminated its agreement with three of its primary junkets in December 2021.