CASINO WORLD NEWS The End of an Era for Macau’s casino business 1 month ago Szarlot Post Views: 136 The Macau gambling business looks to a new era as several casino operators announced that they would be closing all of their VIP rooms before the end of this month. As the fall out of the Suncity Group junket operations followed the arrest and possible conviction of its CEO, Alvin Lau in mainland China for charges that range from illegal gambling activities to money laundering, casino companies Sands China, Melco Resorts & Entertainment and Wynn Resorts were among the first to announce closure of their VIP rooms or the proxy junket casinos that made Macau into the biggest casino market in the world. At present, only SJM Holdings continues operating VIP rooms in their casino operations as “still has contracts with junket operators.” New from Macau comes that the Special Administration Province’s second-largest junket operator, Tak Chun Group, will begin employee layoffs as operators have ended their junket partnerships. China’s crackdown on cross border capital outflows has tightened the reins on junket operators and the end of the most profitable group activities. The fall out means the end of China’s casino high rollers exporting their wealth to Macau’s mostly foreign casino operators. Suncity Group’s junket operations in Macau were officially wound-up last Friday, 10 December as its systems have been legally frozen owing to Chau’s capture in China. In a memo, Suncity Gaming Promotion told employees that it could no longer operate as the city’s casino operators had ended their partnership with the company. Suncity employees still have not received their November salary as the company’s systems are frozen. At one stage, Suncity boasted a 45 percent share of Macau’s junket market prior to Covid. Shares of Suncity Group’s listed arm, which doesn’t include its junket operation, were halted Thursday and will resume trading on Monday. They have plunged 46% since Nov. 30. Source: casinocompendium.com SzarlotI am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. Facebook Twitter LinkedIn Email Print Tags: Alvin Lau, arested, China, Sun City Continue Reading Previous Gambling ‘highly concentrated’ in South AfricaNext 21BET from TVBET got updated to Blackjack More Stories BETTING WORLD NEWS Brazil esports team sponsored by FC Barcelona, Lyon, La Liga and ESL 8 hours ago Iwo Bulski CASINO NEWS Most popular online casino games. 3 days ago Samuel ONLINE WORLD NEWS Yggdrasil and Pragmatic Play make inroads into the African Gambling Market 4 days ago Samuel ONLINE WORLD NEWS Scientific Games expands US platform with exclusive Wazdan deal 5 days ago Iwo Bulski ONLINE WORLD NEWS Playtech partners with Canadian betting firm NorthStar Gaming 5 days ago Szarlot ONLINE WORLD NEWS OddsMatrix breaks EUR 100 million mark per month in Q4 2021 6 days ago Szarlot CASINO HOT NEWS Advanced Roulette betting strategies. 1 week ago Samuel BETTING WORLD NEWS BtoBet: Horse racing a ‘must-have instance’ for UK market 1 week ago Iwo Bulski EXPERTS WORLD NEWS Macau to halt inbound passenger flights for 14 days 1 week ago Iwo Bulski ONLINE WORLD NEWS Playtech delays vote on Aristocrat 2 weeks ago Szarlot ONLINE WORLD NEWS How Cryptocurrency Impacts the Sports Betting Industry 2 weeks ago Samuel ONLINE WORLD NEWS Slotegrator announces rebranding 2 weeks ago Szarlot Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.