Writing On The Wall for Singapore Casino Junkets

Posted: September 7, 2011 in Uncategorized

7th Sept 2011  Wed

WHAT THE MEDIA SAYS

Commentary by:  Professional Ground gaming experts panel

The Monetary Authority of Singapore (MAS) has made clear it stance to combat any illegal channels and Unchecked capital (money) flow in and out of Singapore, according to its local media reports.  Though this is meant for the financial sector at large but it has implications for casinos.

As in the case of IR casino development, while investment analysts are still guessing whether Singapore authority would open up the jurisdiction for licensed junkets to come into IR casinos, this is clear writing on the wall with regard to Junket licensing.

The MESSAGE reads:  “Extremely cautious about what types of Junket operators to be licensed in Singapore casinos.” 

As Junkets tend to operate using “alternative” money channels in support of their funding for casino VIP players, such as what happens to Macau; Singapore authority would take much effort and pay great attention to IR casino Junket operations.  Special tracking measures will be emplaced to facilitate the tracking of Junket funds flow.  In particular, those Junkets with complex funding background will not be allowed to operate in this territory.

As to the number of Junkets to be licensed in Singapore, it is envisaged that by 2012 each casino may only be granted a handful of licenses.  The CRA (Casino regulatory Authority) will probably stage the issuance of Junket licenses over a period of say, 3 – 5 years to ensure better regulation of this casino players acquisition & funding distribution channel called Junket, based on the authority’s on-ground tracking and incidents.  The pace will be moderate.

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