Refinitiv Newscasts - CEO arrest sends Macau gambling group shares down

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30/11/2021 08:29

Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_7qgl9m4t&referenceId=tag:reuters.com,2021:newsml_OVF5SOTQJ_930&pageId=RefinitivNewscasts
Source: Reuters

Description: Shares of Macau gambling group Suncity Group Holdings Ltd slumped
40% in resumed trade on Tuesday after its CEO was arrested over alleged links
to cross-border gambling. Dhruv Tikekar reports.
Short Link: https://refini.tv/3d0zGBN

Video Transcript:

Shares in a top Macau gambling company, Suncity Group, took a steep dive on
Tuesday in the wake of police arresting its CEO and 10 others over the
weekend. Shares dropped as low as 40 percent during the day. CEO Alvin Chau is
the subject of an arrest warrant in mainland China, where gambling is illegal.
He and others have also been accused of money laundering. They allegedly
engaged in this by using the world’s largest gambling hub to run an
illegal “live web betting platform” in the Philippines that
attracted mainland Chinese. Some experts suggest this signals a new era for
gambling in Macau with Beijing no longer tolerating any promotion of the
activity on the mainland. News of the arrests already spooked investors on
Monday, sending down shares of major casinos in the city. As Suncity Group
takes stock of recent developments, it says Chau intends to resign from his
position. And in a statement released on Monday, it added that operations
would not be impacted in the event that it ceased to have his support