Credit Suisse has revealed that Wynn Macau will close all of its VIP rooms and is planning to retain only its direct VIP business.
Macau.- According to a report by Credit Suisse, Wynn Macau plans to close all of its VIP rooms from December 20. Other operators are reviewing their positions but have not taken decisions. It appears that Wynn will retain only its direct VIP business, which currently accounts for about 20 per cent of its VIP revenue.
As for the future of junkets and the VIP market, analysts at Credit Suisse stated: “Even though junket business would be scaling down, high-end player demand will still exist and will continue to look for quality product offerings and tailored services, in our view.”
The news comes a week 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.
It also follows the legal case the Court of Final Appeal confirmed a ruling by the Court of Second Instance that Wynn Resorts and junket operator Dore Entertainment Co are jointly responsible for the repayment of HK$6m (US$747,482) owed to a VIP player. The casino operator said it was seeking legal advice from its Macau counsel despite that decision being final and binding to all parties.