The Chairman of one of Macau’s biggest junket operators, Tak Chun Group, has welcomed tighter government regulation of junkets – insisting it will lead to a stronger and more reputable industry.
In a wide ranging interview with WGM, Mr Levo Chan said the establishment of strict guidelines and an official set of standards would provide greater transparency and boost the reputation of junkets in the international business community.
“The law needs to advance with the times,” Mr Chan told WGM. “We should trust the government, give them space and time to amend the law to establish a set of standards for the industry so that the operating model of junket operators can achieve the recognition of international financial institutions.
“The VIP business has always been unique to Macau – there is no precedent for our business model. Therefore we can only rely on ourselves to explore these issues and continue to make improvements in order to succeed.
“I hope the government can strengthen its supervision so that the industry has a system to follow and it can be in line with the lending standards of banks and we can be listed so that the industry has a normal way to finance itself for future business development.
“Recently I’ve been meeting many people in the industry and we all agree that greater standardization can reduce the negative message that is out there. The government should communicate more with the industry, listen to the views of scholars and standardize our industry.”
Mr Chan’s comments come in the wake of the recent theft of HK$2 billion from junket operator Dore Holdings in September, which has led to calls for the Macau government to tighten controls and strict regulation of operators. Asked about the Dore incident, Mr Chan said it could ultimately prove to be a blessing in disguise.
“I think this incident is actually not a bad thing for the industry because it can serve as an alarm to remind the industry to improve management, strengthen monitoring and do better,” he said. “I believe the DICJ will take appropriate measures and adjustments in this matter.
“The industry is also very willing to cooperate with the government to improve in order to strengthen the public’s confidence in the gaming industry in Macau.”
The full interview with Mr Chan can be found in the latest issue of WGM.
