Gaming operators have suffered from a serious economic downturn since the spread of the coronavirus began in China in February, causing casinos to close for two weeks. Since reopening, the government has implemented visas and travel travel to hamper tourism in the former Portuguese colony.
Those restrictions are gradually easing as China restarted tourist visas on Sept. 23, but there are rumors that the government will crack down on beach-release circles, leading to rush to withdraw capital from the area, Reuters reported.
“It’s not the millions we are talking about being brought here, but billions,” said an executive referring to anonymity to the news outlet visiting lapak303. “We have cash in the bank but with all the interesting people, that’s a problem.”
The cash outflow from Macau is worrying because it signals that high-risk gamblers are unlikely to visit residences in the region any time soon, posing problems for the gaming market’s recovery.
The binge market’s VIP sector accounts for about 50 percent of all Macau gambling. Junkets are an important aspect of the gambling economy in Macau as they are casino facilitators in the area. They offer free accommodation, travel, and other perks, similar to those offered by casino hosts in America. Unless the junket works independently of the casino.
Junkets earn a commission from commission when they bring in top players to gamble on a property.
Sun City is one of the biggest VIP wrecks in Macau. Reuters said that hundreds of gamblers began withdrawing deposits from Sun City for fear of being targeted by the Chinese government.