CASINO

Commonwealth of the Northern Mariana Islands to adopt junket regulations

TAGs: Best Sunshine International Ltd, dore entertainment co ltd, imperial pacific, junket operators, junkets, Northern Mariana Islands, Wynn Resorts

Commonwealth of the Northern Mariana Islands to adopt junket regulationsCommonwealth Casino Commission (CCI) has implemented junket regulations, imposing license fees and regulating promoters who bring in high-rollers to Best Sunshine International—the exclusive casino licensee in the Commonwealth of the Northern Mariana Islands.

During the Friday meeting, CCI has set a $1000 licensing/renewal fee for junket operators, which will be valid for two years; unless revoked by the commission.

According to CCI’s Executive Director Edward Deleon Guerrero, as part of the process, junket will undergo“background investigations” then once licensed, junket will be authorized to proceed in terms of arranging those customers to come and play with the casino.”

Best Sunshine must also keep a log of junket representatives registered by junket operators and make it available to the commission and will still be required to pay .01% of the rolling volume as a regulatory fee.

The regulations also defined several restrictions such as prohibiting the casino to offer or provide complimentary cash, chips, wagering credits or instruments to any restricted person—Commonwealth board member, officer, or employee. However, complimentary room, food, beverage, transportation, or non-wagering entertainment expenses can be given if such good/ service/ discount is offered to public in similar circumstances.

On Friday, CCI also suspended several regulations to allow the commission to extend all valid and existing permits and licenses to go beyond Sept. 30 to the end of Oct. 30, 2015.

Currently, CCI imposes license fees for casino employees, gaming tables, vendors, and gaming machines. Deleon Guerrero said that after the typhoon Soudelor’s recent devastation, the commission are “back to speed” but with the Sept. 30 deadline and 400 to 600 casino employees, they would not have enough time to reissue necessary work permits and other vendor licenses.

Wynn denies involvement in Dore fiasco

Wynn Macau denied any involvement in the alleged rejected withdrawals of deposits placed with junket company Dore Entertainment.

In a voluntary announcement to the Hong Kong Stock Exchange (HKSE), Wynn said that Dore is an independent, registered and licensed company operating a gaming promoter business at Wynn Macau and “any matters related to Dore’s alleged failure to honour withdrawal of funds requests are related to Dore’s direct financial relationships with the parties requesting such withdrawals and accounts maintained directly between Dore and such parties.”

Wynn also clarified that Dore Entertainment does not owe the company any money and will continue to operate in the casino.

Despite the statement, Wynn stock still dropped 2.58% to HKD10.58 in HKSE trading ended Monday.

Comments

views and opinions expressed are those of the author and do not necessarily reflect those of CalvinAyre.com