Good morning. The new law set to regulate junkets in Macau will place heavy accountability on both junkets and concessionaires, with both deposits and earnings to all be strictly documented. The law is expected to be passed before the new concessions come into effect, in January of 2023. In the Philippines more results are in, with Newport World Resorts seeing a 64 percent yearly uptick in GGR amongst ‘improvements across all gaming segments’ and heavy footfall.
What you need to know
- Strict new changes to Macau’s junket law will place more liability on junkets and concessionaires, with a cap on the number of junkets to be defined by SAR’s finance secretary.
- Newport World Resorts gross gaming revenue was up 64% in 3Q22, topping $139.8mln as the property saw ‘improvements across all gaming segments’ and ramped up tourism.
- Court hears that primary evidence in Suncity/Alvin Chau case was supplied by mainland Chinese police, investigators only provided transcripts but not original documents.
On the radar
- Former PAGCOR finance and treasury VP cleared of graft charges.
- DFNN records highest-ever revenue in first nine months of 2022.
The new Macau junket law, which authorities aim to pass before the end of the year, is going to place strict responsibilities on both junkets and concessionaires, as every penny deposited and won is to be accounted for. Junkets will only be allowed to operate with one concessionaire and will have to deposit all relevant gaming-related funds with the concessionaire.
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