IN 2010, Singaporeans will wake up to a world that will include casinos, an industry that is sometimes known to have a sleazy underbelly.
While it is not known how the industry here will evolve, some light will likely be thrown at least on how junkets are to be operated when the Casino Regulatory Authority (CRA) reveals more details on licensing requirements for junket promoters soon. This is expected to address issues such as junket promoters’ eligibility, licensing fees, and disclosure of commissions, junket participants names and even junket schedules.
The junket promoter’s job is to arrange junkets for a select group of people to gamble at a specific casino by offering ‘comps’ – complimentary transportation, food, lodging and entertainment. Their services can also include arranging for credit.
In Macau, junket promoters are thought to be responsible for all the high-roller VIP business, which constitutes almost 70 per cent of the Special Administrative Region’s (SAR) total gaming revenue. However, junket promoters there have operated largely unregulated until the industry was expanded in 2004 to include other players such as Las Vegas Sands and Wynn. Continue reading
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