Melco’s new $1billion Macau hotel to function without casino junkets

 Monday, May 7, 2018 


MelcoMelco Resorts $1.1 billion hotel tower that is scheduled to open in Macau next month would not resort to casino junket operators to draw in high rollers as it bets on a resurgence in the gambling sector of the city to drive revenues as per Lawrence Ho, its Chairman.


Melco’s initiative to ditch a usual casino practice utilizing middlemen known as ‘junk companies’ to usher in VIP punters comes amid a government push to diversify away from gambling and scrutiny of junket patrons on concerns over money laundering.


Melco’s CEO mentioned that it is much better to develop your own database than rely on junkets.


Melco’s 160-meter tall hotel Morpheus that would be opened at its City of Dreams casino resort would house more than 700 rooms, event facilities and casino tables and would exclusively cater to premium mass customers.


Experts bet about HK$1 million ($127,395) at a time while premium mass customers bet thousand of Hong Kong dollars.


The VIP sector comprises for more than half of casino revenues of Macau. Gambling revenues in the Chinese territory have been going through the roof over the past year with April’s 28% rise that marks the 21st month of gains.


Ho told the regional news media house that the year-to-date growth currently is over 20%.


It would normalize but then would still blow out the original expectations.


Ho expects that gambling revenue of Macau would be growing around 20% this year surpassing market projections for a hike in the high-single to low-double digits.


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