• It's Here!

    Etf Pro

    Get the big financial market moves right, bullish or bearish with Hedgeye’s ETF Pro.

  • It's Here


    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

The Macau Metro Monitor, March 22, 2012


The Casino Regulatory Authority of Singapore (CRA) has awarded the first batch of licences to two international market agents (IMA) Huang Yu Kiung and Low Chong Aun.  The two Malaysian junkets will operate at RWS.

CRA said the IMAs will focus on bringing in foreign high rollers to casinos here, and they will not target locals.  It is in the midst of evaluating a few other applications and conducting probity checks for these applications. Twelve applications have been rejected.

'The robust regulatory regime would ensure that licensed IMAs conduct business in a tightly regulated environment, said the CRA.  The licenses will be issued for an 1-year duration and licensed IMAs must ensure that they continue to remain suitable to hold the licences.


Allegations of junket activity at Marina Bay Sands have surfaced again, this time in court papers filed by Takami Shinichi, a Singapore-based Japanese businessman being sued by the casino over a $2 million gambling debt.  Shinichi, managing director of Avixs Master Fund Pte Ltd, claims in a High Court affidavit that he gained access to MBS's VIP gaming rooms through Chujo Tatsuya, a Nevada-licensed junket operator.  Shinichi said he met Tatsuya at a Las Vegas casino several years ago, that had arranged for him to gamble at MBS by putting him in touch with a Japanese VIP hostess and inviting him to MBS's opening party in late June 2010.

'I do not know if Mr Chujo received any 'kick-back' from the monies I gambled, but I do know that it is the practice for junkets to receive such commissions,' Mr Shinichi said. 'I am now told that if any player plays under a junket, no credit can be given to him.'

In Shinichi's case, Sunil Singh Panoo, his lawyer, argued that his $2 million debt is not enforceable because Mr Shinichi was not a premium player before he began gambling at the casino on June 25, 2010.  Shinichi also said in his affidavit that 'MBS didn't follow the rules and procedures required for credit transactions'.  But MBS disagreed, saying that Mr Shinichi was a premium player at its Paiza Club after he deposited $300,000 with the casino on June 17, 2010. 

The Casino Regulatory Authority said last night that it does not comment on ongoing court cases. 

Robert Goldstein, LVS president of global gaming operations, said that he is patiently waiting for the government's instruction.  "But I don't think it'll be that material either way. If they do approve junkets, it will be a very, very restrictive environment, which will make it difficult for those junkets that operate in Macau to be here.  So our approach has been and will continue to be very focused on developing a sales team that can go direct to customers. We do take on credit, direct credit, and are so far comfortable with that.'