With reports of junket agents making their way back into Macau, Gambling Insider spoke exclusively with Ben Lee, Managing Partner at iGamiX Management, to discuss his thoughts on the situation.
Are junkets sneaking their way back into Macau? What sort of issues could arise from this?
Yes. The junket agents are back not as junket operators, but as ‘Program Players,’ who historically used to be what we knew as VIP players. These agents are then allocated rooms for them and their ‘friends’ to play in. By classifying them as players, the casinos avoid having to deal with all the issues and obligations that come with the new regulations surrounding junket operators.
What is your take on the junket agents collaborating with regulated casinos?
The whole premise of junket operators is to do things that casino operators are not permitted to do eg. promote in jurisdictions where gambling marketing is illegal, channel funds out of jurisdictions with tight capital controls.
By not being classified as a junket operator, they don’t have to jump through the hoops and loops but more importantly, they are not tied to any single casino operator.
What do you think of Macau's recovery? Will it ever reach its pre-Covid level and can it do it without the assistance of junkets?
Mass market will recover and probably even exceed the 2019 level. VIP is currently stronger than expected but we expect that to soften once restrictions on travel by mainlanders to other regional destinations ease.
