RWS Won’t be Affected by Macau Junket Decline Says Genting Singapore CEO
Summary:
- Resorts World Sentosa will not be impacted by Macau junket sector
- Junkets are currently prohibited in Singapore and Resorts World fully complies with that rule
- Genting Singapore will consider pursuing a casino license in Thailand
The operations of Resorts World Sentosa (RWS), will not be affected by the shrinking of Macau’s junket industry. That’s according to Tan Hee Teck, CEO of Genting Singapore Ltd which operates RWS.
Resorts World Fully Complies with Singapore’s Strict Junket Laws
During Genting Singapore’s annual general meeting in April, Mr. Tan answered questions from shareholders as to whether the clampdown on junkets in Macau would have any impact on the company’s gaming operations in Singapore. He said RWS will not be harmed by the decline in junket operations in the Chinese region, as junkets are not allowed in Singapore in the first place.
Mr. Tan stated that Singapore is a highly regulated market that prohibits junkets, and RWS remains fully compliant with the city-state’s gambling laws.
Several junket operators have pulled out of Macau since the arrest in November 2021 of former junket mogul Alvin Chau Cheok Wa, founder of the now-defunct Suncity Group Ltd. Another junket boss, Tak Chun’s Levo Chan Weng Lin, was also arrested in January 2022. Their sentencing trials took place earlier this year and both were jailed for 18 years and 14 years respectively after being convicted of multiple charges, including illegal gambling and fraud.
In December last year, the Macau government approved a new Bill that would regulate the activities of junket operators. Under new rules, the government is authorized to introduce an annual cap on the number of junkets that each casino concessionaire can do business with. Junket operators can earn a commission for their gaming promotion service, but they are not allowed to share any form of casino revenue with the casino concessionaire.
At the moment, there are only 36 junkets operating in Macau, down from 235 in 2013.
While Macau’s junket sector is still hounded by uncertainties, the city’s wider gaming industry has been recovering well after the lifting of pandemic-related restrictions, which is acknowledged by Mr. Tan.
Genting Singapore “Carefully Considers” Thailand Casino Prospect
At the same meeting, Genting Singapore Executive Chairman Lim Kok Thay indicated that the company currently has no plans to pursue a gaming license in Japan due to “uncertainty” surrounding the market. Genting is instead eyeing Thailand, as the country recently approved a report proposing the legalization of integrated resorts with casinos.
Carolyn DuttonAuthor
Carolyn is our legislation expert, with a background in law she is able to cover the current state of gambling around the world
