As more funny business takes place in Macau with junket operators committing fraud, many investors are withdrawing funds and Macau VIP gaming rooms close in alarming numbers.
In what appears to be a grossly weak regulation system for junket operations in Macau, fraud is hitting an all time high, creating a frenzy of panic with investors and prompting the local authorities to reevaluate their legal system. The most noticeable result of this is the rapid rate of Macau VIP gaming rooms closing shop.
Over 40 of Macau’s VIP Gaming Rooms Close in the Past Six Months
With the closure of so many VIP gaming rooms, there also seems to be the closure of many junket operations as well due to the corruption campaign in China to bring down big VIP high-rolling gamblers who lose big, can’t payback losses and embezzle wads of dough.
Even though junket operators have been proven to be the culprit, they claim their crimes for committing fraud are rationalized by fear of bad debts and tighter capital liquidity. As it isn’t new news about the current economic state of Macau, what is known is that gambling in Macau is losing the luster it once had.
So What is The Future if Macau VIP Gaming Rooms Close and Junket Operators, Too?
As both entities suffer and essentially are reliant on each other, the Gaming Inspection and Coordination Bureau along with the Macau Gaming and Entertainment Promoters Association have started to undergo a legal makeover for the gaming sector and acquiring a strict requirement of licensing junket operators.
Reevaluation of Gambling in Macau and Corruption Hopefully Pulls Through
What has been expressed by local authorities is the intention of bringing together junket operators, casino operators and the government together and strengthen a more trustworthy unity between them in order to ensure that Macau retains a healthy andg attractive gambling profile as well as lifting and improving their economic competitiveness with other gambling meccas.