![]() ![]() Shares in other casino operators have dropped by 5 to 10 percentage points as tougher times are anticipated for the industry. When Chau reportedly confessed to organizing cross-border gambling and illegal virtual gambling, Suncity’s shares plummeted by 48 percentage points. On the mainland though, gambling is illegal, and while it remains a common practice, it is becoming far less tolerated. ![]() Macao, a former Portuguese territory, is close to Hong Kong, where gambling is legal. Suncity Group CEO Alvin Chau was known as the “junket king” for his skill in steering high-rollers, the ultra-rich who make up 15 percent of Macao’s casino earnings, into his VIP rooms. The arrest of a prominent Macao casino CEO on Saturday is another blow to the territory’s gambling-dependent economy-and a sign anti-corruption campaigns and purges continue throughout China. ![]()
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May 2023
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