Macau’s government announces plans to tighten standards for the city’s VIP gaming promoters, also known as junket operators. During the government’s annual policy address for 2018, presented on Tuesday, local authorities mentioned they attempt to draft guidelines to hold specific audits on the problems found during an ongoing general audit of Macau’s 126 junkets.
According to Macau’s Government Chief Executive, Fernando Chui Sai On, a heavier scrutiny on junket operators will include a review on the minimum internal control requirements in terms of information technology and a closer look into temporary deposits accepted by the operators.
“The government will review and strengthen the gaming rules,” said Chui. “The government will also regulate junket operations, promote responsible gaming and boost the Macau casino industry’s competitiveness.”
Stricter requirements for Macau’s gaming promoters are expected to be implemented from January 2018, when local gaming regulator reviews applications for new and renewed licenses, according to Paulo Chan, director of the Gaming Inspection and Coordination Bureau. “When the market gets better, more people are eager to come back and do business, but Macau regulators will be more cautious during the junket approval process,” added Chan.
The move comes as business in the world’s biggest gaming hub continue to bounce back. Macau’s casino revenue climbed in October to the highest in three years due to a strong performance from the VIP gaming market.