Alvin Chau is Arrested by Macau Police in Gambling Case: Who is Alvin & Why Was He Arrested?
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Alvin Chau, chairman and a controlling shareholder of Macau’s largest junk operator, was among 11 people held for interrogation in Macau on Saturday, last week after a warrant was issued for his arrest by mainland police.
Who is Alvin Chau?
A 47- year- old Macau Businessman, Alvin Chau, the founder of Suncity, is a junket operator suspected of setting up casinos, extending them credit, and collecting on their debts. Police told a news conference on Sunday that Chau was among those detained.
An arrest warrant was issued on Friday by Wenzhou, a city in eastern China, for Alvin Chau, accusing him of operating gambling activities in mainland China. This information indicates the CEO of gambling sector investment firm Suncity Group Holdings, is believed to have been arrested.
Macau police informed on Sunday the 11 people arrested had declined to cooperate on other issues except for admitting some allegations, including conducting illegal virtual betting activities and establishing overseas gambling platforms.
Mr. Chau is certainly the biggest figure in the junket industry, as the CEO of the undisputed biggest junket in the world.
People Involved in Junket
Chau, Suncity Group CEO, and a Hong Kong resident are among the arrests. Two women, nine men were detained as a part of the investigation into illegal gambling platforms launched more than two years ago, encouraging mainlanders to bet online. The 11 people were arrested over alleged links to cross-border gambling and money laundering.
Chau has been accused by Wenzhou authorities of forming a junket agent network on the mainland for engaging citizens in offshore and cross-border gambling activities. Not only this but as well as set up an asset management company on the mainland to help gamblers make cross-border fund transfers.
Suncity
Suncity operates VIP gambling rooms across Asia. Alvin Chau, chief- executive of Suncity, has grown Suncity from operating a high-roller table in Wynn Macau’s casino in 2007 to a sprawling conglomerate with thousands of employees and businesses.
Douglas stated: Suncity has been linked to money laundering and major drug traffickers for many years.
Suncity suspended trading in its Hong Kong shares on Monday.
Carlos Lobo, a Macau-based gaming consultant said; Suncity accounts for over 50% of junket revenue in Macau, which accounts for roughly 50% of gaming revenues, so Suncity accounts for 25% of gaming revenues.
Shares in Suncity Group, with a market value of HK$1.7 billion ($220 million), got suspended from trade on Monday after tumbling 165% so far this year.
Ben Lee, the founder of Macau gaming consultancy IGamiX, said: China will no longer tolerate Macau promoting in any form or manner gambling into the mainland.
If discussed about the overall information revealed, then, After the arrest of Junket boss, Alvin Chau Macau casino stocks slid on Monday. Macau’s casino industry is under scrutiny with the arrest of the head of the world’s biggest junket.
