MACAU’S GOVERNMENT APPROVES CAP TO “VIP” FEES wsj.com
GOVERNMENT TO SET UP JUNKET COMMISSION macaudailytimesnews.com
Yesterday Macau’s government approved an amendment that caps junket fees. A maximum fine of MOP 500,000 ($62,000) was established for anyone who breaks the law. The measure comes after the authorities received strong evidence of anti-competitive practice by VIP junket operators, according to the Executive Council spokesman, Tong Chi Kin. The secretary for economy and finance will have the power to determine the maximum commissions and other remunerations casinos can pay the junkets.
The six gaming concessionaires and Sub-concessionaires, who recently formed the Macau Casino Gaming Concessionaires and Sub-concessionaires, hope to cap the commission paid to junket operators at 1.25, something Melco Crown and LVS have already implemented.