Macau made a name for itself as a clean and attractive tourist destination as well as a beautiful place to visit. It can keep visitors busy for days with its rich past, and Hong Kong is only an hour away if you take the ferry. If you are a non-gambler, you can learn more about the Portuguese and Chinese heritage intertwined for centuries.
If you are interested in gambling, then you might have heard that it is all about baccarat and poker in Macau. It is only a myth; gambling is more than four times that of Las Vegas, and more than 30 million visitors visit every year. Currently, there are well over twenty-five major casino operators and gambling continues to grow.
Venetian the First Casino on the Cotai Strip
The first casino that opened on the Cotai Strip was the Venetian; the most luxurious hotels are the Mandarin Oriental and the Wynn, it was also one of the first casinos to open and the most ostentatious.
Illegal Deposits Could Be Penalised in Macau
The one thing all officials in Macau agrees on is to do everything possible to keep the city clean. There is high concern by the authorities about unlawful deposits, and this might give way to new legislation. Regulations are already considered to prevent companies from accepting illicit deposits, and severe penalties will soon be in place against anyone making illegal deposits.
VIP Gambling Could Be Limited
Investment analysts think it might the large deposits by citizens part of the VIP gambling industry that would be affected by the new legislation. Currently, they pay substantially higher interest rates, and the financial system does not regulate them. They are not attributable to oversight of regulatory, and it can produce enormous losses for individuals when there are problems in the junket sector.
Junket Operator Already Cost Former Employee $25 Million.
It did happen once in the past when a junket operator in 2015 in Macau fell victim to fraud, it followed after the actions of a former employee that conducted a wholly unauthorised transaction. The transaction led to stolen funds from the company worth $25.8 million.
What Legislative Actions Will Follow
During an interview, Leong hinted at a few new penalties but did not list these; he was quite serious about eliminating all problems that could relate to junket marketers. Especially those taking deposits that are unlawful, it could lead to amendments to the bill that refers to junkets.
When asked what would happen with new regulations, he remained noncommittal, but that is what most politicians would do, he said they listened to all social opinions regarding the issue. The next step is to work on it; he also added that there is more discussion planned regarding the matter.
At this stage, we know new laws will be implemented, or some of the requirements will change. When it happens is not sure although Macau is quite serious about keeping things regulated and clean.