Macau Junket Operators Moving in to Put an End on Bad Credits
Macau is one of the best-known gambling destinations in the world and especially in Asia. However, unlike many European or US gambling cities, Macau primarily targets high-rollers. While servicing high-roller gamblers has many upsides, there are also significant downsides, especially when it comes to extending playing credit.
Macau has become famous for its so-called junket operators. These operators provide casino credit for high-rollers who, for whatever reason, don’t have cash on hand. Sometimes it is inconvenient to carry so much cash around; sometimes it may even be impossible due to various restrictions. Thus, junket operators take on the risk and extend credit in good faith, hoping to paid at a later date.
Dealing with Bad Debt
As one could expect, not all gamblers are prompt when it comes to paying back the borrowed money. In fact, some will completely abandon a particular junket operator and turn to another one. This other operator may be completely unaware of the situation and proceed to provide credit, believing a gambler is “good for it.”
Kwok Chi Chung, the President of the Macau Association of Gaming and Entertainment promoters, has come up with the idea that would put an end to such practices. He came up with a proposal for creating a central credit database, where all transaction would be logged.
By sharing this database among themselves and working vigilantly to update the relevant information, Macau junket operators could finally have a full insight into who owes what and to whom. That way, all the bad debt would be out in the open for everyone to see, preventing those who fail to pay their debts from taking more money from other operators.
Creating such a database would be very beneficial for the operators, but it doesn’t come without complications. Privacy laws in Macau are very strict, so there are many legal obstacles to sidestep before this type of database can be officially set up.
One of the requirements will be for the high-rollers to sign an authorization form, allowing for their details to be entered into the database. While some may oppose such practices, Kwok believes that all operators should join together once legal prerequisites are met.
Meeting these requirements and passing relevant laws may take some time, but if things go Kwok’s way, some high-rollers in Macau could soon find that getting money to play with is no longer as easy as it used to be.
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