The Casino Regulatory Authority (CRA) gave the green light for two junket promoters to operate in Singapore. It seems that the gambling business in Singapore looks set to grow to a massive scale.
On Thursday evening, the authority gave out the first casino junket licenses to two Malaysian operators. Even as they tightened its junket guidelines to give CRA more forethought in making a decision whether or not to issue a license and also how many it will issue.
This move by Singapore’s Casino Regulatory Authority of awarding junket licenses to two Malaysian operators will allow casino operators here to extend their international reach. Even as junket rules are tightened, this the first time the CRA has granted the license. The tightening of the junket rules is to ensure the operators do not target permanent and locals residents.
Low Chong Aun and Huang Yu Kiung are the two Malaysian operators who were issued junket licenses after a series of stringent checks that lasted more than a year. These operators have an international client base. Resorts World Sentosa endorses both of them and the licenses issued will be valid for only a year. Marina Bay Sands said it has not yet endorsed any junket operator. The two approved junket promoters can commence operations immediately.
The CRA said it is in the midst of conducting probity checks for these applications and it is currently evaluating a few other applications. In exchange for a commission, junket promoters are third party agents facilitating high rollers’ trips to online casinos. To ensure credit arrangements for their clients, it is common for them.
The successful operators had to pass probity checks. These checks will involve both their financial histories and track records examined, and the applicants will have to deal with face-to-face interviews. Twelve other operators were rejected on account of various reasons. Some were rejected on grounds of having funds unaccounted for. The CRA authority refused to say how many have applied, although they disclosed that there are other applicants waiting for their decisions.