Junket operators taking up to one year to collect
Now the junket operators are holding an increasing amount of bad debt as the mainland’s economy grows more slowly and the mainland authorities act to curb corruption. “The business model looks near broken,” Reuters quotes Standard Chartered analyst Philip Tulk as saying.
Macau junket model near breaking point, bank says
The Macau model for gambling junkets is “near broken,” Standard Chartered says. The bank says VIP gaming promoters are finding that funding and liquidity are tight and have difficulty obtaining capital, leading to weaker rolling volumes and margin pressure.
The campaign against corruption in the mainland has deterred people there from flaunting their wealth by gambling in Macau, and the slowing of economic growth in the mainland has also tempered the urge to gamble.
“We see these issues persisting well into a China easing scenario,” the note says.
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