Las Vegas Sands, the parent company of Macau gaming concessionaire Sands China, has confirmed it recently terminated agreements with at least three of the SAR’s largest junket operators.
The update formed part of the company’s Annual Report for 2021 in a section outlining potential future risk factors that may affect its business operations in its key markets of Macau, Singapore or Nevada.
Noting that the company is dependent on junkets, or gaming promoters as they are officially referred to, LVS said it can’t be sure it will be able to maintain or grow its relationship with these gaming promoters or that they will continue to be licensed by the Gaming Inspection and Coordination Bureau (DICJ).
The decision to end its relationship with at least some major junkets follows the arrest in late November of Alvin Chau, the CEO of Sun City Gaming Promotion Company Limited, for alleged criminal association, illegal gambling and money laundering. Suncity, by far the largest junket in Asia with almost 50% market share, subsequently ceased its junket business and closed down all VIP rooms.
Levo Chan, the CEO of Macau’s second largest junket Tak Chun Group, was arrested and detained in late January in a case authorities say is linked to the Suncity case.
Following the government’s junket crackdown, the DICJ published its list of 46 approved VIP gaming promoters for 2022 – down from 85 approved promoters in 2021, although a further 29 applications are still being processed.
LVS said in its Annual Report that “the quality of gaming promoters with whom we have relationships is important to our reputation and our ability to continue to operate in compliance with our gaming licenses.
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