The Suncity Group is now in a better position to obtain Macau’s seventh casino license if the government decides to issue one in the future, according to brokerage Union Gaming Securities Asia Ltd.

In its Monday’s note, Union Gaming pointed out that Suncity’s multibillion-dollar Hoiana integrated resort in Vietnam will be the junket operator’s key to win a license in Macau because it will show their capability to repatriate VIP dollars to Macau.

Owning 34 percent of Hoiana will also make Suncity a bona fide integrated resort operator, according to the international brokerage.

“That Suncity is transitioning from an agency to principal model makes sense to us, especially in light of strong VIP trends in Macau and regionally,” Union Gaming analyst Grant Govertsen said. “Of course not all of this play would be diverted from Macau (e.g. some would be from SE Asian customers), but regardless, it could have a several hundred basis point impact on Macau VIP beginning later in 2019.”