Revenues from junkets’ tax paid to the government has plunged 92.5% to MOP3.5 million amid the junket crackdown and low gross gaming revenue (GGR) figures in 2022.
Data submitted to the Legislative Assembly shows revenues from the tax were far below the government’s expectations of MOP43 million – which was listed in its budget for last year.
Last year in January, records show the number of gambling promoter licenses in the city decreased nearly 50% in one year, in the aftermath of the arrest of Suncity Group CEO and junket mogul, Alvin Chau.
Figures from the Gaming Inspection and Coordination Bureau in 2022 showed Macau had 46 junket licensees: far fewer than the approved 85 licensed gaming promoters during that year.
However, the numbers continued to fall, dropping 21.7% in 2023. Government data shows the number of these gaming promoters in the region fell from 46 to 36 earlier this year – far from the 235 licensed junkets the city had in 2013.
Before the crackdown, junkets accounted for 75% of Macau’s VIP gaming revenue, equating to around USD3 billion each year.
In December 2021, Chief Executive Ho Iat Seng admitted the existence of junket operators was a “problem” for Macau. Consequently, he said that when the gambling law was amended, the government would enforce it rigorously.
Under the big gaming law overhaul implemented on Jan. 1, gaming promoters can only work with one gaming concessionaire at a time and, even so, their contract must be approved by the local government, among other requirements. Staff Reporter
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