Macau has authorised 29 casino junkets to operate in 2026, marking a modest recovery for a sector once written off after Beijing’s sweeping anti-corruption crackdown, though activity remains far below historic levels.
The approvals represent a 21% increase from 2025, when 24 junkets were licensed, but still fall well short of the government’s cap of 50 and a fraction of the 235 operators active in 2014 in Macau.
Gaming promoters, known as junkets, traditionally generated revenue by bringing high-rolling gamblers to Macau casinos, arranging travel and accommodation, extending credit, and operating VIP rooms. That business model collapsed after China tightened controls on corruption, capital flight, and illegal betting, fuelling predictions that the sector faced extinction.
In 2024, industry insiders quoted by Macao News said the “sun was setting on junket operators”. While the industry has survived, it has emerged smaller and more tightly regulated.
The decline was accelerated by a series of high-profile convictions in 2023. Alvin Chau, founder of Macau’s former junket giant Suncity, was sentenced to 18 years in prison after being found guilty of illegal gaming and organised crime. That same year, Levo Chan, head of Tak Chun, received a 14-year jail term on similar charges.
By 2024, only 18 junkets remained active, prompting a JP Morgan analyst to describe the traditional junket model as “a thing of the past”.
Under Macau’s 2023 gaming law, junkets now operate under far stricter rules. Promoters may work with only one concessionaire, earn a fixed 1.25% commission on rolling-chip turnover instead of sharing casino revenue, and are barred from issuing casino credit or independently operating VIP rooms.
VIP gaming has adjusted accordingly. VIP baccarat revenue reached about HK$66 billion ($8.45 billion) in 2025, up nearly 25% year on year, but accounted for just 27.48% of total gaming revenue, compared with 46.24% in 2019.
Looking ahead to 2026, JP Morgan expects mass-market and slot gross gaming revenue to grow 7–8%, while VIP revenue will decline by around 5%, underscoring the industry’s continued shift away from high-roller play.
Some junkets have sought opportunities elsewhere, moving into less tightly regulated jurisdictions. Speaking at G2E Asia, gaming lawyer Luis Mesquita de Melo said operators were increasingly active in Vietnam, where oversight remains limited.
“In Vietnam, the junkets are called international tour operators or travel operators, but they are, in essence, junkets as we know mainly from Macau,” said Mesquita de Melo, general counsel at Hoiana Resort & Golf. “There is absolutely no regulation, which makes the junket operations a grey area that raises a number of concerns.”
Original article: https://www.yogonet.com/international/news/2026/02/06/117485-macau-approves-29-casino-junkets-for-2026-as-sector-stabilises-after-crackdown
