Inside Asian Gaming

IAG JUN 2022年6月 亞博匯 80 CREDIT WORTHINESS AND CHINESE CORPORATE PROFILE Concessionaires often particularly struggle with understanding Chinese players’ assets and financial resources. This misunderstanding when addled by cross-city competition has led to aggressive credit decisions. Please recall the opening of the two Singapore casinos, where competition led to a double-digit bad debt expense which took years to unwind. In reviewing the junket database of non-performing loans, we cross-referenced these players against a registry of Chinese registered companies. This registry includes details about a company’s formation including founding date and the start-up capital and, crucially, the founding directors or owners. We found that junket bad debt players differ from existing premium direct players in several notable ways. All of the premium direct players we reviewed are associated with a company in China while only 83% of junket bad debt patrons are likewise associated with a company. Existing premium direct patrons are more prolific than 100% 83% 11 52% HKD100K 18 88% HKD 5M PREMIUM DIRECT PATRONS % of patrons associated with a Chinese company # of associated Chinese companies % of Chinese companies with registered capital Avg. registered capital (HKD) per Chinese company 高端直營客戶 與中國公司相 關客戶百分比 相關聯的中國 公司 與中國公司相關 的客戶百分比 平均每家中國公司 的註冊資本（港幣） 博彩中介客戶 JUNKET PATRONS COLUMNISTS