Macau’s gaming regulator has denied 35 of Macau’s gaming promoters from renewing their licences for failing to submit important accounting information within the deadline, according to local media.
Paulo Martins Chan, Director of the Macau Gaming Inspection and Coordination Bureau said the junkets had failed to meet the requirements which were introduced last October, which require junket operators to compile and submit monthly accounting reports, as well as file details of key staff in charge of financial operations.
“We issued new accounting guidelines for gaming promoters but a few of them haven’t submitted the required information within the deadline,” Chan said in a statement to TDM Macau.
The increased transparency requirements from junkets comes after the scandal in Sept. 2015 involving Dore Entertainment Co Limited, with a former employee stealing over HK$100 million (US $13 million) from the junket operator. The recent theft incidents have heightened the need for tighter oversight, Chan told Macau TDM.
More recently, an embezzlement case involving an employee in charge of the VIP rooms at Casino L’Arc has further pushed the sector towards tighter regulation in the gaming sector. However, in his interview with TDM, Chan has argued that the L’Arc’s incident was not a result of poor monitoring practices.
The new guidelines might not be enough to solve the sector’s root problems, he also added.