Connect with us

Hi, what are you looking for?

Top Stories

Editor's Pick

Macau gambling group Suncity’s shares plunge after CEO arrested

HONG KONG – Shares of Macau gambling group Suncity Group Holdings Ltd slumped 40% in resumed trade on Tuesday after its CEO was arrested over alleged links to cross-border gambling. The company said he intends to resign.

Alvin Chau, also the founder of Macau’s biggest junket operator which brings in high rollers to play at casinos, was arrested by Macau police on Sunday and is the subject of an arrest warrant in mainland China – where all forms of gambling are illegal.

Macau authorities arrested Chau and 10 others, accusing them of using the world’s largest gambling hub as a base for an illegal “live web betting platform” in the Philippines that attracted mainland Chinese.

Authorities in the eastern Chinese city of Wenzhou have separately accused Chau of forming a junket agent network that helps citizens engage in offshore and cross-border gambling activities as well as setting up an asset management company that helps gamblers make cross-border fund transfers.

Cross-border flows of money due to gambling has long irked the Chinese government and Macau authorities said their investigation has been in train for two years.

That coincides roughly with the time that Suncity came under attack in China’s state media which criticised online gaming activities for causing what it described as great harm to China’s social economic order. Suncity said at the time it did not operate any online gaming.

Miao Shengming, an official with China’s top prosecutorial agency, said on Monday that some overseas casinos and online gambling websites primarily target mainland clients, harming China’s “economic security.”

“Out of those that go overseas to gamble, some bet enormous amounts, causing a huge outflow of funds,” Miao said.

Between 2018 and September this year, 255,850 people have been prosecuted in China for gambling offences, of which 63,238 were charged between January and September, he added.

Suncity’s stock was down 39.6% as of the midday session, valuing it at HK$1.03 billion ($132 million) and at one point fell 48% to a record low of HK$0.133.

Part of the Macau investigation involves Russia’s Tigre de Cristal resort which is close to China’s northeast border and is controlled by Hong Kong-listed Summit Ascent Holdings, of which Suncity is the controlling shareholder.

Shares of Summit Ascent slid 53.8%.

Suncity Group said in a statement late on Monday that allegations in the media that Tigre de Cristal was involved in cross-border gaming by soliciting customers in mainland China was untrue.

Suncity Group’s operations would not be impacted in the event that it ceased to have Chau’s support, it added. – Reuters

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Editor's Pick

The Board of Investments (BoI) has cleared Sinoma Energy Conservation (Cebu) Waste Heat Recovery Co. Inc. to serve as the operator of a 4.5-megawatt...


In the wake of Covid-19, people are working harder than ever. While many of us thought productivity may dip when we started working from...


Few individuals can resist the temptation to try before they buy; therefore, it was only a matter of time until online casinos realized this...

Editor's Pick

REUTERS WASHINGTON – The chair of the U.S. Senate Commerce Committee on Wednesday asked a regulator to investigate whether Meta Platforms’ Facebook misled its...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Secrets Of Richdads. All Rights Reserved.