Fredric Gushin, Former New Jersey Division of Gaming Enforcement (“DGE”) regulator, yesterday referred to junkets as “clearly the most controversial part of the gaming industry” at the Japan Gaming Congress currently being held at Tokyo’s Grand Hyatt Hotel.
Infiltration of organized crime, money laundering issues and difficulties determining the true beneficial ownership of junkets were all highlighted by Mr Gushin as issues to be overcome by Japan’s fledgling Integrated Resort industry.
He even referred to the possibility of national security issues, highlighting the 2016 case of hackers stealing US$81 million in a brazen cyber-heist from Bangladesh’s central bank. Hackers set the money to Manila, where it ended up in the hands of Chinese junket operators at Solaire Resort and Casino.
“Most people here would have heard of that case,” Mr Gushin said, “there are even suggestions that money ended up in North Korea.”
Gushin oversaw all compliance related issues regarding New Jersey’s multibillion-dollar gaming industry while at New Jersey’s Division of Gaming Enforcement.
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