Macau Casino Stocks Sink After Police Arrest City’s Junket King
- Suncity CEO Chau admits to illegal activity, Macau police say
- MGM China shares tumble 10%, Suncity trading suspended
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Macau’s casino industry is under scrutiny again with the arrest of the head of the world’s biggest junket operator.
The detention of Suncity Group Holdings Ltd. CEO Alvin Chau marks the first time such a high-profile figure in the gaming industry has been targeted. Macau’s judiciary police said Sunday that Chau confessed to establishing overseas gambling platforms and carrying out illegal virtual betting activities. Junkets service high-rollers and extend credit to them.