“Suncity accounts for over 50% of junket revenue (in Macau), which accounts for roughly 50% of gaming revenues, so Suncity accounts for 25% of gaming revenues,” said Carlos Lobo, a Macau-based gaming consultant. On Friday authorities in Wenzhou, a city in eastern China, issued an arrest warrant for Alvin Chau, accusing him of operating gambling activities in mainland China where gambling is illegal. Macao authorities have previously said police were questioning a 47-year-old businessman surnamed Chau, without elaborating on his identity. (SCHYF) fell 5.3% as investors fretted about the near-term potential loss of business as well as the longer-term implications of the watershed hardline stance being taken towards the sector by authorities in Macao and mainland China.Īlvin Chau, the founder of Suncity - a junket operator that brings in high rollers to play at casinos, extending them credit and collecting on their debts - as well as the CEO of gambling sector investment firm Suncity Group Holdings, was among those arrested, Macao broadcaster TDM reported. Macao casino stocks slid on Monday, rattled by the arrests of 11 people over alleged links to cross-border gambling and money laundering, with the founder of the gaming hub’s biggest junket operator among those detained.
