Junkets are legal in Macau. But China's mainland’s laws appear to have trumped local ones
The flow of super-rich punters from the mainland has been enabled by “junket” agents and promoters. In 2019Holdings, which owns a huge French Renaissance-style casino in Macau, brought in almost all of itsgambling in the city has been rising in recent years. But before the pandemic,Covid-19 has been a blow to the industry. So, too, have stepped-up efforts by China’s government to curb the junket business. Betting is illegal on the mainland.
The charges against Mr Chau hint at the scope of the junket industry in Macau. Wenzhou’s police say he had 12,000 agents serving 80,000 customers on the mainland. SunCity allegedly arranged underground banking services to help them evade capital controls. Junkets are legal in Macau. But the mainland’s laws appear to have trumped local ones.
How will Macau survive? China wants to see it transformed from a city of vice into a regional entertainment centre and tech hub. This has proved difficult because most of its available land has been used to build casinos. Macau’s government hopes a new development zone will help. It is on nearby Hengqin, an island three times Macau’s size. It belongs to the mainland and has been leased in part to Macau.
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