Junket operations in Macau are becoming increasingly popular.
International Entertainment Corp (IEC) is looking to expand in the gambling business. The Hong Kong-based company announced it is willing to pay up to $948 million to buy 70% of SunCity Gaming Promotion, one of the top junket operators in Macau.
Chinese gambling laws restrict casinos to Macau and SunCity operates around 280 gaming tables there, so the acquisition would certainly prove profitable. IEC already owns 10% of top casino operator Sociedade de Turismo & Diversoes de Macau SA, but SunCity’s gambling branch does business in top locations, including several VIP rooms at casinos in South Korea and the Philippines.
In other recent gambling news, Neptune Group has announced the deal with Macau junket promoter Ocean Star Entertainment is not ready to be sealed. According to company representatives, Neptune needs more time to negotiate the details of the partnership.
Macau casino profits going up
Macau continues to be a top gambling destination for players around the world. Business is flourishing as major casino developers are looking to expand on the Asian market and Macau seems to be the best choice.
Last year, the local gambling authority reported an increase in visitor numbers, as well as casino profits. Macau resorts are definitely a destination preferred by Chinese players, who have no gambling options in their country, except for government-run lotteries and horse races.