HONG KONG—Trade in shares of Macau’s Suncity Group Holdings Ltd. and its unit Summit Ascent Holdings Ltd. were suspended on Thursday, pending a statement in relation to a possible loan default. Alvin Chau, Suncity’s CEO as well as the founder of Macau’s biggest operator of junkets that bring in high rollers to play at casinos,…
Macau’s Suncity Shares Halted, Pending Statement on ‘Possible Loan Default’
Behind the Arrest of Macau’s ‘Junket Mogul’: Focus on Money Laundering
News Analysis Alvin Chau Cheok-wa, the head of Macau’s biggest casino junket operator Suncity Group, was arrested last week along with 10 others for allegedly running illegal cross-border gambling and a money-laundering syndicate. Junket operators are outfits that bring in high rollers to play at casinos. According to Macau police, all of the arrested have…
Macau Arrests 11 People for Alleged Illegal Gambling and Money Laundering
HONG KONG—Macau police said on Sunday they had arrested 11 people in an investigation into an illegal gambling and money-laundering syndicate, a day after businessman Alvin Chau, who organizes trips to Asian casinos for big spending gamblers, was questioned at a police station. The police said in a statement that people involved in the case…
Opportunism Drives CCP’s Crackdown on Macau Casinos, Analysts Say
News Analysis China’s widely reported crackdown on the gaming industry of Macau arises from a mixture of opportunism and ideology, with the former an overriding factor, according to observers. The desire to eliminate perceived threats to Beijing’s dominance, and the economic motive of keeping gaming revenue from leaving China, are driving forces in this latest…
Macau Casino and Junket Operators Seek Clarity Over New Gambling Laws
HONG KONG—Senior Macau casino and junket executives met with authorities in the world’s biggest gambling hub on Monday seeking details on proposed regulatory changes but received little in the way of clarity. The 70-minute meeting, shown online, highlighted the uncertainty hanging over the industry since the government kicked off a regulatory overhaul on Sept. 14….
Billions Blown as Macau Casino Investors Fold Amid Gambling Review
HONG KONG—Shares of Macau casino operators on Wednesday shed as much as a third of their value, losing about $18 billion, as the government kicked off a regulatory overhaul that could see its officials supervising companies in the world’s largest gambling hub. With Macau’s lucrative casino licences up for rebidding next year, the plan spooked…
Hong Kong Dumped From Index of Economic Freedom Due to Policies ‘Controlled From Beijing’
March 5, 2021
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Hong Kong has been dropped from The Heritage Foundation’s Index of Economic Freedom this year because its economic policies are controlled by Beijing. Hong Kong topped the list for 25 years till 2019. Financial experts in Hong Kong believe that the Chinese communist regime’s rapid encroachment on Hong Kong’s freedom has accelerated the deterioration of…
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