Business

Malaysian operators grab first Singapore junket licences

March 22, 2012

SINGAPORE, March 22 — Singapore’s Casino Regulatory Authority (CRA) gave the go-ahead to two Malaysian junket promoters today to operate in the republic, Singapore’s Straits Times reported.

The decision this evening comes during a time junket regulations are being tightened and the CRA allowed more discretion in issuing these licences and their numbers.

Junket promoters are third party agents facilitating high rollers’ trips to casinos in exchange for a commission. It is common for them to ensure credit arrangements for their clients. 

The successful operators had to pass probity checks, which involved applicants dealing with face-to-face interviews and both their track records and financial histories examined.

In that process 12 applications were rejected, for example on grounds of having funds unaccounted for. The CRA disclosed that there are other applicants waiting for their decisions, but the authority refused to say how many have applied.

The two approved junket promoters — already endorsed by Resorts World Sentosa — can commence operations immediately.

The junket operator licence is valid for a year.

 

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