Arrest of Macau’s ‘junket mogul’ rattles the world’s largest gambling hub

The arrest of Macau’s “junket mogul” is expected to shrink business in the world’s largest gambling hub, with authorities in China underlining their intent to crack down on what they see as a dangerous outflow of funds from the mainland.

Alvin Chau, the CEO of gambling group Suncity Group Holdings Ltd (1383.HK), is the founder of the biggest of Macau’s junket operators – outfits that bring in high rollers to play at casinos.

He was arrested on Sunday by Macau authorities over alleged links to cross-border gambling. A warrant for his arrest has also been issued in China.

Analysts say his arrest heralds a new era of zero tolerance towards the promotion of gambling in China, where all forms of gambling are illegal.

Source: https://www.reuters.com/world/asia-pacific/macau-gambling-group-suncitys-shares-hit-record-low-after-chairman-arrested-2021-11-30/