The disappearance of a Macau junket figure believed to owe up to 10 billion Hong Kong dollars ($1.3 billion) is roiling the world’s largest casino market and putting a spotlight on the opaque network of middle men who drive nearly two-thirds of the Chinese territory’s gambling revenue.
Unlike other gambling hubs like Las Vegas, Macau depends on junkets for many of its customers. These companies bring high-spending gamblers to the casinos from mainland China, issue them credit and collect players’ debts in exchange for commissions. The system took root there because the Chinese government imposes restrictions on how much cash its citizens can take out of the mainland and because gambling debts aren’t considered valid inside China.
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