Good Morning. This afternoon, AGB’s “Is this the end of junkets” webinar will unravel what the recent crackdown on junket boss Alvin Chau means for junkets and VIP gaming in both Macau and the wider Asian region. How big of a hit will the loss of VIP’s have and will this spill over into the key premium mass segment? Ahead of the event, we’d like to highlight some of the key details and put the situation into a broader context.
Be sure to register for this important webinar, held at 4pm HKT on Zoom.
What you need to know
- CBRE Securities has resumed coverage on gaming stocks, saying it favors Wynn as a unique contrarian play and a potential special situations opportunity should it put its Macau assets up for sale.
- Sands China and Melco Resorts will close their VIP rooms this month, while junket Tak Chun is laying off staff, as the fallout from Suncity Group CEO Alvin Chau’s arrest continues.
- Okada Manila International is changing its name to UE Resorts International Inc. which it says better reflects the company’s expansion plans in Asia and around the world.
- Ten pokies venues in Sydney have been identified by law enforcement as accounting for 40 percent of $6 million in suspected money laundering over the last seven weeks.
On the radar
- Vietnam transport ministry proposes intl flight resumption on Dec 15
- Loss of Macau VIP business a bigger blow to government coffers than operators: MS
- Wynn Resorts appoints Aristocrat’s Julie Cameron-Doe as CFO
- Aristocrat says JKO Play has until Jan. 5th to make a firm bid for Playtech or walk away
What the papers say
- IPI asks Saipan court to dismiss breach of contract lawsuit from Kan Pacific
- Hong Kong will prioritize quarantine-free travel for business people once borders reopen
Is it the end of the road for Macau’s junket industry?
Macau’s gaming industry has been through a tumultuous few months that appear to have put the nail in the coffin for both the junket and VIP gaming industry, but have also raised questions over the broader future for the city’s casinos. AGB’s upcoming webinar this afternoon will ask a panel of experts for their views on how the latest developments affect the market and what the future holds for both Macau and the wider gaming community in Asia. Ahead of the event, we’d like to highlight some of the key details and to put the situation into a broader context.
- Sands China holds refresher course on responsible gaming
- Pragmatic Play launches Christmas Operator Tournament
- Galaxy, MGM win Macau Occupational Skills awards
- Revamped ICE VOX agenda to provide flexible, focused learning opportunities
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