Lessons from the Junket Business in Macao

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1 Lessons from the Junket Business in Macao 24 November 2015 Carlos Siu Macao Polytechnic Institute

2 Introduction Lessons from the Junket Business in Macao In Macao s total casino gaming revenue, revenue from VIP-rooms always occupied more than 60%. Table 1 Revenue from VIP rooms as a proportion of Macao s total casino gaming revenue Year Total casino gaming revenue (in billion USD) Total casino gaming revenue from VIP rooms (in billion USD) Revenue from VIP rooms as a percentage of total casino gaming revenue Source: Data from Quarterly gaming statistics (DICJ, ). Note. The exchange rate from Macau currency to USD is to 1.

3 Historical development of junkets in Macao 1984 STDM was the gaming monopolist and outsourced VIP-rooms to third parties STDM set the junket commission at 0.7% of the rolling chips. In other words, junket operators were entitled to about 25% of the baccarat theoretical win based on rolling-chips turnover. VIP room contractors had junket operators work for them under informal contracts Compensation determined as a percentage of the turnover of nonnegotiable chips, computed on a monthly basis VIP room contractors and junket operators were the only issuers of gaming credit Major customers were from Hong Kong and Taiwan and they primarily played baccarat

4 Junket operators and junket representatives utilize extensive social networks to recruit patrons to their junkets assume such value-added services as credit arrangement and collection receive commissions based on rolling-chip sales junket representatives typically affiliated with junkets through the recommendation of friends or employees

5 Table 2 Lessons from the Junket Business in Macao List of Gaming Concessionaires/Subconcessionaires in Macao before and after Macao s Gaming Liberalization Gaming concessionaire before Macao s gaming liberalization in ) Sociedade de Turismo e Diversões de Macau (STDM) Gaming concessionaires immediately after gaming liberalization in ) Galaxy Casino 2) Sociedade de Jogos de Macau (SJM) 3) Wynn Resorts (Macau) Gaming concessionaires in ) Galaxy Casino (1) 2) Sociedade de Jogos de Macau (SJM) (2) 3) Wynn Resorts (Macau) (3) Gaming subconcessionaires in ) Venetian Macau (1) 2) MGM Grand Paradise (2) 3) Melco Crown Jogos (3) Note Data from Concession contracts (DICJ, 2013). (1) Galaxy Casino signed a subconcession contract with Venetian Macau on 21 June (2) Sociedade de Jogos de Macau awarded a subconcession to MGM Grand Paradise on 19 April (3) Wynn Resorts (Macau) sold its subconcession to Melco Crown Jogos on 10 May 2006.

6 Table 3 Number of Casinos Operated by Gaming Franchisees in Macao as of year-end 2014 Gaming franchisees Number of casinos Sociedade de Jogos de Macau 20 Galaxy Casino 6 Venetian Macau 4 Melco Crown Jogos 3 Wynn Resorts (Macau) 1 MGM Grand Paradise 1 Total 35 Source: Data from Quarterly gaming statistics (DICJ, 2014).

7 Table 4 Number of Licenses issued in Macao Year Companies Individuals Total Source: Boletim Oficial de Macau (various issues)

8 Table 5 Number of VIP-rooms in Macao Year Number Source: Data were compiled from a private source.

9 Table 6 Visitor Arrivals by Country of Origin in Percentage Country of Origin * PRC Hong Kong Taiwan Other Asian Countries including India America Europe including Russian Federation Oceania Others including South Africa Source: Tourism indicators (DSEC, ) Note.* Figures before 1999 were not available as visitors were then categorized according to their nationality, instead of their country of origin.

10 With Macao s gaming liberalization and the increasing number of mainland Chinese tourists, Macao citizens do not want to be junket operators and reps Junket operators prefer to work with junket reps and collaborators with ethnic homogeneity Lots of business opportunities from mainland Chinese patrons Chinesification of the junket business

11 Figure 1 Lessons from the Junket Business in Macao Sample of Working Sheet of the Commission Paid to Junket Operators in Macao for the month of May Account No/ Name Commission % Rolling Chips Amount Commission Hotel Rooms Beverages Others Commission Outstanding Signed by Handled by A million 5,000 1, ,900 Signed by: Handled by:

12 Figure 2 Lessons from the Junket Business in Macao

13 Figure 5 Daily Tips Record for ABC VIP-room

14 If a VIP table produces US$17,500/day while a mass market table US$3,750/day in Macao From a VIP table, a casino can get: US$17,500 15% = US$2,625 From a mass market table, it can get: US$3,750 (1-40%) = US$2,250 Under this situation, it means that the junket commission capped at 1.25% creates an area where a VIP table is not necessarily more profitable than a mass market table

15 References Hall, P.A. and Thelen, K. (2009). Institutional change in varieties of capitalism. Socio- Economic Review, 7, Lee, S.K. and Jang, S.C. (2014). Spillover from complimentary item-based promotions: Evidence from Atlantic City. Journal of Hospitality & Tourism Research, 38(1), Mahoney, J. and Thelen, K. (2010). A theory of gradual institutional change. In J. Mahoney and K. Thelen (eds.), Explaining institutional change: Ambiguity, agency and power. Cambridge: Cambridge University Press. North, D. (1994). Integrating institutional change and technical change in economic history: A transaction cost approach. Journal of Institutional and Theoretical Economics, Siu Lam, C. (2010). The regulation of VIP-room contractors in Macao. Casino Enterprise Management, 8(6). Siu Lam, C. (2013). Changes in the Junket Business in Macao after Gaming Liberalization. International Gambling Business, 3, Siu Lam, C. and Eadington, W.R. (2009). Lessons from the Nevada model on Macau s junket operations. Gaming Law Review and Economics, 13(1), Siu Lam, C., Posner, I., and Grondin, F. (2015). Lessons from the Junket Business in Atlantic City and in Macao. The Journal of Gambling Business and Economics, 9(2). Walgenbach, P. and Meyer, R.E. (2008). Institutional entrepreneurship and the structuring of organizations and markets. In A. Ebner and N. Beck (eds.), The institutions of the market: Organizations, social systems and governance. Oxford: Oxford University Press,

16 Thank You Tel: (853) Fax: (853)

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