Macau Golden Group has said it took the the decision after “careful consideration”.
Macau.- The junket operator Macau Gold Group has ceased all of its VIP gaming operations today (March 30). It said its 200 employees will receive a reasonable and appropriate dismissal compensation within nine working days.
As a long-term intermediary partner of SJM Holdings Co, Macau Gold Group has operated VIP gaming tables in local casinos such as Grand Lisboa, Casa Real Hotel, and the old Hotel Lisboa. In 2005, Macau Gold Group it acquired Casa Real Hotel and Grandview Hotel and in 2010 bought the holding company of Kingston Group for MOP12bn (US$1.48bn).
The VIP sector has been in crisis following the arrest of Alvin Chau Cheok Wa, CEO of Suncity Group on cross-border gambling and money laundering accusations. Several casino operators ceased their cooperation agreements with junket operators both due to this and to proposed changes to the city’s gaming laws.
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.
A group of gaming workers affiliated with the Macau Federation of Trade Unions has sent a letter to the Legislative Assembly committee that’s analysing the final draft of Macau’s gaming law amendment bill to expressing concerns about the future of the satellite casinos.
A final reading of the gaming law amendment bill is expected by June.
Golden Dragon Group to close its four satellite casinos
As Focus Gaming News previously reported, four satellite casinos owned by Golden Dragon Group will cease operations by mid-year. The group runs Casino Golden Dragon, Royal Dragon and Casino Million Dragon under SJM Holdings’ licence and Grand Dragon Casino in Taipa under Melco Resorts. It reportedly plans to close all four.
Currently, Macau has 18 satellite casinos operating under a licence associated with one of six casino franchisees but operated by third parties on their premises. Under Macau’s proposed new gambling law, satellite casinos would be allowed to continue operating in the local market but would be given a three-year grace period to link the ownership of their sites to one of the city’s six franchises.