The arrest of Suncity chief Alvin Chau and others from the leading Macau junket promoter dramatically escalates China’s efforts to limit its citizens’ gambling activities and illegal overseas money transfers.
Suncity’s Hong Kong listed arm, which excludes its junket business but holds stakes in casino properties Hoiana in Vietnam and Tigre di Crystal in Russia plus a casino hotel under development in Manila’s Entertainment City, says Chau plans to resign as its chairman and CEO.
My ICE365 article on Genting’s licensing in Nevada while discounting its Philippines business highlights how regulators around the world have perfected the art of diminishing, if not disregarding, inconvenient facts. In Macau, at least for now, the authorities have lost their blinders when it comes to Suncity. This story has barely begun to unfold.
Former US diplomat and broadcast news producer Muhammad Cohen is a columnist for ICE 365, a contributor to Forbes, columnist/correspondent for Asia Times, and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.