CASINO WORLD NEWS The End of an Era for Macau’s casino business 8 months ago Szarlot Post Views: 331 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 About Post Author Szarlot I am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. See author's posts 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 ONLINE WORLD NEWS Slotegrator will take part in the Sigma Balkans & CIS Summit 1 day ago Iwo Bulski CASINO WORLD NEWS Top actors who play in online casino games 2 days ago Samuel EXPERTS WORLD NEWS WhatsApp allows people to sneak out of group chats 2 days ago Samuel ONLINE WORLD NEWS AstroPay Seeks to Bolster Growth with Affiliate Program 3 days ago Samuel EXPERTS WORLD NEWS Answers to the iGaming industry’s most pressing questions 4 days ago Samuel ONLINE WORLD NEWS 4 sales-boosting modules from Slotegrator’s new platform 2 weeks ago Iwo Bulski CASINO Why do people love slot machines? 2 weeks ago Samuel ONLINE WORLD NEWS Keep VIP programs compliant with the right bonus module 2 weeks ago Iwo Bulski EXPERTS WORLD NEWS Slotegrator reviews the worldwide trend of gambling legalization 3 weeks ago Iwo Bulski ONLINE WORLD NEWS TVBET unites forces with Technamin 3 weeks ago Iwo Bulski ONLINE WORLD NEWS How the iGaming industry is driving the global economy 4 weeks ago Iwo Bulski ONLINE WORLD NEWS Wazdan journeys to Asgard in the latest launch Power of Gods™: Valhalla 1 month ago Iwo Bulski 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.