Las Vegas Sands confirms end to agreements with its three main junket partners in Macau

Las Vegas Sands, the parent company of Macau gaming concessionaire Sands China, has confirmed it recently terminated agreements with at least three of the SAR’s largest junket operators.

The update formed part of the company’s Annual Report for 2021 in a section outlining potential future risk factors that may affect its business operations in its key markets of Macau, Singapore or Nevada.

Noting that the company is dependent on junkets, or gaming promoters as they are officially referred to, LVS said it can’t be sure it will be able to maintain or grow its relationship with these gaming promoters or that they will continue to be licensed by the Gaming Inspection and Coordination Bureau (DICJ).

“For example,” LVS said, “consistent with the overall market in Macau, we terminated our agreements with our three primary gaming promoters in December 2021.”

The decision to end its relationship with at least some major junkets follows the arrest in late November of Alvin Chau, the CEO of Sun City Gaming Promotion Company Limited, for alleged criminal association, illegal gambling and money laundering. Suncity, by far the largest junket in Asia with almost 50% market share, subsequently ceased its junket business and closed down all VIP rooms.

Source: https://www.asgam.com/index.php/2022/02/07/las-vegas-sands-confirms-end-to-agreements-with-its-three-main-junket-partners-in-macau/