Good morning. Macau closes the book on junkets as the Legislative Assembly approves the revised “Exploitation Regime of Games of Chance in Casinos.” Satellite casinos were granted a three-year grace period to convert into “gaming management companies” for a single concessionaire. Over in the Philippines, PAGCOR was roped into providing the seed money of the Maharlika Investment Fund by contributing 10 percent of growth gaming revenue.
What you need to know
- Macau has closed the book on Junkets with the approval of revised legislation. The greatly limited range of junket activities prompted a 77% drop in revenues to be collected from gaming promoters.
- PAGCOR is expected to contribute 10 percent of gross gaming revenues to the Philippines sovereign Maharlika Investment Fund.
On the radar
- Announced 2023 iGB Affiliate Awards shortlist.
With the approval of the Legislative Assembly on Thursday of the revision of “Exploitation Regime of Games of Chance in Casinos,” the government has closed the book on junket operations as seen in the last two decades of the industry’s boom. Under the approved legislation, the Macau government estimates a 77 percent drop in junket commission tax collection, revised at $1.25 million from last year’s already meager contribution of $5.4 million. The Government estimates for 2023 GGR remain the same as the previous year at $16 billion. In turn, the satellite casino entities were granted a three-year grace period to revamp their property’s operation into a management contract.
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