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Junket King’s Arrest Spurs Selloff as Key Macau Market Targeted

  • Suncity drops 37% on Tuesday morning after detention of CEO
  • Junkets bring in bulk of the VIP gaming revenue for casinos
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WATCH: Shares of Macau casino operators plunged Monday after the police arrested the head of the world’s biggest junket. Shirley Zhao reports.Source: Bloomberg
Updated on

The tide turned swiftly on Friday in Suncity Group’s VIP rooms across casinos in Macau, where millions of dollars are bet on blackjack and baccarat every night. 

As the news broke that Chinese authorities had issued an arrest warrant for the company’s chief executive officer, Alvin Chau, high-rollers scurried to leave, fearing police raids on the exclusive arenas that have helped make the Chinese territory the largest gambling hub in the world.