The arrest of Macau’s “junket mogul” is expected to shrink business in the world’s largest gambling hub.
Macau authorities arrested him on Sunday for alleged links to cross-border gambling. A warrant for his arrest was also issued in China. “After this, now they know that arranging players to come to Macau, promoting gambling in China, even if it’s a phone call in China, could land them in hot soup,” said Ben Lee, founder of Macau gaming consultancy IGamiX.
Carlos Lobo, a Macau-based gambling consultant, said the crackdown — which comes amid broad regulatory efforts by Beijing to rein in a range of sectors — had only been a matter of time after China ruled in July 2020 that cross-border fund flows due to gambling were a national security risk. The damage to them spells further earnings drops for casino operators, already reeling since the start of the pandemic as China’s quarantine requirements have made it too costly for most mainland tourists to travel to Macau.Share prices of Macau-listed units of US casino operators plunged in the past two days. MGM China slumped 15%, Wynn Macau 11% and Sands China 9%.
Suncity Group said Chau, its CEO and chair, intended to resign, but its operations would not be affected in the event of it ceasing to have Chau’s support.
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