“The Board believes that the current company name does not reflect the various businesses undertaken by the group,” the Neptune Group Limited filing said. “While the group is still in the gaming business, receiving revenue streams from junket operators in [Macao], the group is now more focused on managing and operating its money lending business and hotel business. The Board believes that the proposed changes to the Company’s name will provide a more appropriate company identity and image that better reflects or matches the Company’s business character and future developments.”
For the second time in the last decade, Massive Resources International Corporation has become Neptune Group Limited. It has grown into a big hand in the Macau junket market, but has recently suffered from a decline in VIP gambling revenue due to Chinese President Xi Jinping’s anti-corruption campaign.
Called “Duanlian” in Chinese, the movement attempted to stem the outflow of money from the country by cutting personal and financial connections between foreign casino operators and their mainland customers. Casino gambling and the promotion of such activities are currently banned in China, along with the former Portuguese enclave Macau, the only place where Chinese people can legally bet. Organizing foreign gambling trips is additionally illegal, although junket operators often try to evade this ban by including sightseeing trips.카지노사이트 추천
China’s regulators have boosted their profits by starting to closely monitor companies doing business with junket vendors. This resulted in a nearly 38 percent drop in annual VIP game sales in Macau, compared to a peak of $45 million in 2013.
Sands China Limited is a Macau-focused subsidiary of U.S. casino giant Las Vegas Sands Corp., which saw its stock fall 96% and is now only about $0.04 after the junket operator ended a deal to operate 14 VIP tables inside a Venetian Macau resort hotel.
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