Casino concessionaires suspend operations with Tak Chun junket
Tak Chun, the second-largest junket operator in Macau, has confirmed that some casino operators have decided to temporarily suspend their partnerships.
Macau.- Junket operators are in the eye of the storm in Macau amid speculation that more concessionaires will break off their relationships. Now Tak Chun, the second-largest junket operator in Macau, has confirmed that some casinos have suspended their partnerships with the operator. It is unknown how many rooms or which operators have suspended operations with the junket operator.
The development comes after Suncity Group Holdings decided to close all of its VIP rooms in Macau until further notice following the arrest of Alvin Chau Cheok Wa on cross-border gambling and money laundering accusations.
Tak Chun said its affected employees will receive higher compensation than that contemplated by the Labour Relations Law, including one month’s additional basic salary, seniority compensation, provident funds-for employees who have served for three years-and unapplied paid annual leave.
Yesterday, a report published by Sanford C. Bernstein said that Macau’s Gaming Inspection and Coordination Bureau (DICJ has issued instructions to junkets to stop providing credit to customers and to require prepaid cash to purchase chips. Junkets will no longer be allowed to provide VIP gamblers with loans, one of the pillars of their business model.