Are Australian Casinos In Unsafe Hands?
High rollers and big stakes players are entertaining to witness and clearly well-sought by casino operators the world over. Looking to make the most out of the Chinese VIP gamblers, NSW government has allowed licences to two new casino properties in Sydney and Brisbane.
High rollers and big stakes
These world class casinos look to lure the attention and patronage of casino whales, or incredibly high stakes players who thrill in betting $15,000 and upwards per wager and easily luck out on thousands of dollars on a single bet.
The two new world class casinos set to open in Australia are going to be high end luxury destinations set in prime location in Barangaroo overlooking Sydney harbour. Designed with the intention of luring executive Chinese and International business men, the six star luxury hotel and casino complex is set to take Australian casino industry buy storm.
However, the black cloud to this silver lining is the vicious circle of junket operators who associate with Chinese VIP players, and the affiliation of junket operators with organised crime rings, violence and international money laundering.
A recent investigation conducted by Four Corners on the workings of junket operators and their relations with organised crime in Macau has led to the unveiling of widespread criminal activity.
Popular gambling destination off the coast of China, Macau has grown to be Asia’s premium gaming headquarters that pulls in about 70 percent revenue from VIP Chinese high rollers. But since gambling is illegal in China, there is a limit to the amount of funds a Chinese VIP can carry out of the country.
This is where junket operators, who organise gambling events and the transport and care of VIP players, go to the extent of lending large sums of money to their VIP patrons as well. These debts are then collected by junket operators via unnecessarily violent means.
Australia, however, is a lot better regulated and financial transactions made hold integrity. According to Casino regulations dealings of more than $10,000 have to be reported to anti-money laundering bureau Austrac.