MACAU BUSINESS
Junket sector: only 14 operators remain active amidst new rules
https://www.macaubusiness.com/macaus- junket-sector-only-14-operators-remain-active- amidst-new-rules/
M G
acau’s junket industry is facing a difficult time, with only 14 licensed gaming junkets currently operating in the region, according to U Io Hung, president of the Macau Professional Association of Gaming Promoters.
Speaking at a recent seminar on the future development of the city’s gaming industry, Hung emphasised that the new junket law had resulted in low income for junket operators, making it increasingly challenging for them to survive. Under the new junket law, the commission rate for VIP
junkets is capped at 1.25 per cent of rolling chip turnover, with junket operators required to pay a 5 per cent tax on their commissions each month. This is a significant change from the previous government stance, with the commission tax previously waived for a long time in reality.
Macau Legend to sell Laos casino to prioritise SAR operations
https://www.macaubusiness.com/macau-legend- to-sell-laos-casino-to-prioritise-sar-operations/
a that it intends to sell its Savan Legend casino resort in Laos for US$45 million(MOP363 million), in order to redirect more resources towards its business operations in Macau.
Macau Legend revealed that it has entered into a letter of intent with purchaser Shundo Yoshinari, a Japanese citizen with no links to the company. Yoshinari will acquire the entire equity interest in MLD Resorts Laos Ltd, an indirect wholly-owned subsidiary of Macau Legend, which entirely controls Savan Legend. The condition precedents of the transaction include signing a government of Lao PDR, and that the term of the initial gambling licence shall be 99 years. although the gaming and hotel performance is still “unstable” and such business is subject to “increasingly onerous restraints in Lao PDR”. By selling its operations in Laos, the group can “reallocate more more on its overall future development.
22 AUGUST 2023
Jailed ex-junket boss Alvin Chau issues apology to unpaid Suncity staff – Media
https://www.macaubusiness.com/jailed-ex- junket-boss-alvin-chau-issues-apology-to-unpaid- suncity-staff-media/
F
ormer Macau junket kingpin Alvin Chau Cheok Wa has issued an apology to former employees of Suncity Group for unpaid salaries in a recent handwritten letter, as On January 18, the founder of the now-defunct Macau
junket operator Suncity Group was sentenced to 18 years in prison in the city on charges of founding and leading a criminal syndicate, illicit gambling activities, and fraud. Earlier this year, the Macau Gaming Industry Employees Home
revealed that some staff who previously worked for Suncity still have not received their salaries and severance pay. Alvin Chau, currently serving his 18-year sentence at Coloane Prison, has sent a letter to former employees of Suncity Group. The letter, dated June 14, includes an apology for unpaid salaries
to over a thousand previous employees and expresses gratitude for their contributions to the company. “I just want to say sorry! I am unable to pay the salaries owed to the last group of 1,197 colleagues. If you have not yet registered with the Labour Affairs Bureau, please do so as soon as possible,” Chau said as quoted by the newspaper.
SJM celebrates The Karl Lagerfeld Macau hotel tower
S
JM Resorts commemorated the unveiling of its newest property, The
hotel tower located within the Grand Lisboa Palace (GLP) complex. The 271-room luxury property showcases interiors crafted by the late German fashion icon.
The celebration witnessed the presence of a roster of local and
international celebrities. Among them was Michelle Yeoh, a renowned Malaysian-Chinese actress and recipient of an Academy Award.
“Daisy Ho, Chairman and Executive Director of SJM Holdings “Provimunity” professor Carlos Siu
Limited, and Managing Director of SJM Resorts, S.A, stated in a press release sent by the gaming operator, ‘Lagerfeld’s ‘Europe Meets China’ interpretation encapsulates the very essence of Macau’s East-meets-West history... it also captures the spirit of SJM’s unwavering mission—to push the boundaries of modern hospitality while honouring the rich heritage that underpins our foundation.’”
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