Melco confirms end of agreements with junket promoters
Through a company filing, the casino operator has announced that it ceased all arrangements with gaming promoters at Studio City Casino in December 2021.
Macau.- Melco Resorts has confirmed that it ceased all junket arrangements at Studio City casino in December 2021. In a filing submitted under the US Securities Exchange Act, Melco Resorts said it had expanded its VIP rolling chip business to the Studio City Casino but decided to cease all transactions with junket operators.
Las Vegas Sands Corp., the parent company of Sands China, also confirmed in its annual report that it had terminated an agreement with its three major gaming junkets in December 2021.
The decisions were taken as authorities tightened regulations on VIP junket promoters after the arrests of Alvin Chau and Levo Chan Weng Lin, the heads of Suncity Group Holdings and Tak Chun Group, two of the city’s largest junket groups.
Melco has also announced that it is analysing the future of the Studio City casino resort. The casino venue is owned by Studio City International Holdings rather than by the gaming operator Melco Resorts and Entertainment Ltd. That may need to change if it’s to continue operating under the proposed new legislation that would end the current sub-concession system.
The company said: “For that purpose, we would need to seek an amendment to the terms of the Studio City land grant and comply with and complete various other administrative procedures which are subject to Macau government’s consents, approvals and authorizations.”
