Macau signals a new era of stability for the gambling industry (junkets) with the authorization of 29 operators to operate in 2026.
Although the number represents a slight increase compared to the 24 licensed companies at the beginning of 2025, it is still only a fraction of what existed at the peak in 2014, when 235 companies operated freely in the segment.
This scenario reflects the consolidation of a market that analysts had practically declared extinct following Beijing’s rigorous crackdown on corruption and illegal capital flight.
How the new legislation redefines the business model.
The sector’s survival depends on much stricter rules that have altered the nature of its operation..
The old model, characterized by exclusive VIP lounges and autonomous credit granting, collapsed after the arrests of key figures such as Alvin Chau (Suncity) and Levo Chan (Tak Chun), who were sentenced to long prison terms for financial crimes and criminal association.
Under the current gaming law, operators have lost their financial and operational autonomy. Now, they can only partner with one casino concessionaire at a time, are prohibited from issuing credit directly to players, and can no longer manage their own VIP rooms.
Furthermore, the lucrative revenue-sharing model no longer exists, having been replaced by a fixed commission of 1.25% on chip turnover.
The economic impact of this change is visible in the balance sheets: while the mass market is expected to grow between 7% and 8% in 2026, according to JP Morgan projections, VIP revenue, which once accounted for almost half of Macau’s turnover, now represents only 27.5% of the total.
Migration to less regulated jurisdictions
Thus, with the crackdown on Macau, the flow of high rollers begins to seek new destinations.
Industry experts, such as lawyer Luis Mesquita de Melo, point out that some of the activity is migrating to markets with less stringent regulations, such as Vietnam.
There, international tour operators operate similarly to the former junkets of Macau, but without the same regulatory constraints, raising new concerns about compliance.
