Macau’s government finally confirmed on Tuesday that the adoption of a digital yuan is on the table in what’s likely to be a gamechanger for the industry and its junket operators.
Macau's Chief Executive Ho Iat Seng has said the government will work closely with China's China's central bank on a feasibility study on adopting a digital yuan, which will help it to combat money laundering and tax evasion.
New Zealand's SkyCity Entertainment said it will cease all activities with junkets following a strategic review of its business and will instead deal with international customers directly.
The Macau government needs to continue to strengthen interagency coordination to stop money laundering and in particular needs to encourage junket operators to improve their controls, the U.S. Department of State says.
The acceleration of the use of the digital yuan as a valid currency in Mainland China could be a potential “game-changer” for Macau by overhauling entire payment systems, significantly reducing the need for junkets, according to the Macau Gaming Research Association.
Casino operators should reassess their relationships with their junket partners in the wake of the Bergin report into Crown Resorts and the changes in the global geopolitical climate, according to SVA, a corporate and political risk consultancy.
China’s ongoing crackdown on casinos and junkets targeting its nationals may have long-term implications for the industry in Asia and force changes in the business models of many of the region’s integrated resorts.
Rich Goldman said it expects to report an interim loss of not less than HK$18 million for the six months to December, due mainly to the loss of revenue from business in Macau after parting ways with a junket partner in April.
Saipan's Casino Control Commission needs to monitor junket operations and regulate cross-border money transfers, among other things, to avoid being placed on China's blacklist of countries targeting its nationals for gambling.
China is showing no sign of letting up its campaign against overseas gambling, announcing it’s expanding its blacklist of countries that target Mainland Chinese for gambling purposes.