The casino operator has confirmed that it ended agreements with three junket operators in December 2021.
Macau.- Las Vegas Sands, the parent group of Sands China, has revealed in its annual report that it ended agreements with its three primary junket operators in December 2021.
The group stated: “There can be no assurance we will be able to maintain or grow, our relationships with gaming promoters or that gaming promoters will continue to be licensed by the gaming regulator to operate in Macau, which could impact our business, financial condition, results of operations and cash flows.”
The company added: “‘If a gaming promoter falls below our standards, we may suffer reputational harm, as well as worsening relationships with, and possible sanctions from, gaming regulators with authority over our operations.
“In the event a gaming promoter does not meet its financial obligations, there can be no assurance we may not incur financial exposure.”
Several gaming concessionaires terminated their agreements with junkets in December following the arrest of Alvin Chau, CEO of Suncity Group Holdings, on cross-border gambling and money laundering accusations.
After reporting that the number of junket licences has fallen from 85 in 2021 to 46 this year, Macau’s Gaming Inspection and Coordination Bureau (DICJ) has confirmed that it is still evaluating whether 29 previously licensed junket operators will be allowed to operate.
According to the proposed amendments to Macau’s gaming regulatory framework, junket operators will only be allowed to provide services to only one casino operator.