The potential introduction of a digital yuan into Macau would be the final straw for the junket industry, which is already shrinking and diversifying its business model, Bloomberg reports.
There have been some positive reports this week, talking about optimism over Macau’s medium-term future, led by the premium mass and mass markets.
The fallout from the inquiry into Crown Resorts' suitability to hold a license in Sydney may have ramifications for the entire industry in Australia, including tighter regulation, Fitch Ratings said in its 2021 outlook.
Crown Resorts issued a release on Tuesday morning clarifying its position on utilizing junkets going forward.
Ben Lee suggests that Macau might switch over its local economy, including its massive casinos, away from the Pataca or Hong Kong Dollar to the Digital Yuan. He sees this as an “elegant solution” for many of Macau’s economic challenges, and one that still leaves important roles for the junket industry as well.
On an earnings conference call last Thursday, Wynn Resorts Chief Executive Officer Matt Maddox made clear his firm’s view that the golden age of Macau junkets has definitively passed, and it is not likely to return as the Covid-19 pandemic subsides.
Hong Kong listed junket promoter, Rich Goldman Holdings, has announced the resignation of Executive Director So Wai Yin.
Suncity Group said it has secured a two-year extension to the conversion date of outstanding convertible bonds, which are mostly held by a company controlled by Chairman Alvin Chau.
Crown Resorts Limited confirmed that it has received a Show Cause Notice from the Victorian Commission for Gambling and Liquor Regulation (VCGLR) relating to Crown Melbourne’s compliance with its Internal Control Statement for junket operations.
Crown Resorts director Andrew Demetriou has claimed the company is ready to open and run its Sydney casino in defiance of the governance and probity questions raised at the NSW inquiry into the casino giant.