Good morning. Macau’s beleaguered VIP segment fought its way back in January, with some serious help from the Chinese New Year holiday, with estimates that rolling chip topped $600 million during the month. But the industry overall is undergoing a shift, as seen by the Macau government’s try to charge former Suncity boss Alvin Chau with another 3.5 years for money laundering. And in Australia, The Star is facing its own legislative and legal woes, anticipating losses of up to $691 million.
What you need to know
- Macau VIP is on the rebound, as rolling chip turnover hit $600 million in January, says the head of a local junket association.
- Court urges for increase in sentencing for former Suncity junket head Alvin Chau, pushing for 3.5 more years for money laundering.
- Australia’s The Star is anticipating losses of up to $691 million due to lawsuits/changes in taxation.
On the radar
- Labor shortage results in 3k unused Macau hotel rooms: MGTO.
- Macau likely to see less visitation, IRs urged to retool to non-gaming.
- South Korea recommences short-term visas for Chinese visitors.
- Banking group denies PAGCOR auditor bank certification.
The head of a Macau junket association says that VIP is back, or at least it was during Chinese New Year, as estimates are for some $600 million in rolling chip during the month. The shift, however, is going to be further to mass, as mainstream VIP players shift to direct VIP or premium mass, as Macau’s government encourages a transition away from junkets.
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