Good Morning. The inquiry into Star Entertainment’s practices in Sydney has revealed yet more damaging allegations of how casino operators were willing to help their high-roller clients to circumvent China’s capital controls. In this case, by putting enormous gambling expenses on China Union Pay cards. Ben Lee, managing partner of IGamiX Management & Consulting, warns that Macau should take notice. The industry’s focus is on luring in the premium mass players from the Mainland, but how are they are going to get the funds to play?
What you need to know
- Star Entertainment allowed Suncity to continue operating a junket operation from its Sydney casino, even after its CEO Matt Bekier told the market in 2019 that it was ending the relationship.
- Suncity Group Holdings said it expects to report a loss of not less than HK$526.5 million for 2021 and said a joint venture company to which it lent money is in default on a loan.
- A U.S. court has denied an appeal by Bloomberry Resorts, its Sureste Properties unit and its billionaire chairman Enrique Razon Jr to dismiss a case brought against them by Global Gaming Asset Management (GGAM).
On the radar
- Macau Legend shares fell more than 10% after the company warned its stock would be suspended due to a delay in reporting its results.
- 1xBet has announced it will donate €1,000,000 to charities and relief organizations in response to the growing humanitarian emergency in Ukraine.
What the papers say
- S.Korean hacking group carried out phishing attack on 17 Macau hotels.
- Authorities arrest more striking Nagacorp workers, rounding up about 100.
- Three police officers implicated in disappearance of e-sabong master agent.
AGB Intelligence
ON THE GROUND
Macau faces another wake-up call to diversify tourism
News from Australia that Chinese high rollers put the eye-watering sum of $900 million on China Union Pay cards to fund gambling should act as a wake-up call for Macau and its efforts to target the premium market. Ben Lee, managing partner of IGamiX Management & Consulting, said China’s efforts to control capital outflows aren’t going away any time soon and the city needs to take a longer-term view of its future and make serious efforts to target clients outside of Mainland China.
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