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2021: Detention of the head of Suncity Group Holdings
Macau's casino industry is under scrutiny again: the detention of the CEO of Suncity Group Holdings Ltd. Alvin Chau in November 2021 was the first case of the detention of the head of the world's largest junket operator.
Macau Judicial Police said Chau admitted to setting up overseas gambling platforms and carrying out illegal virtual betting activities. Junkets serve high rollers and provide them with loans.
This news caused a collapse in the shares of casino operators. Wynn Macau Ltd. fell more than 10%. Sands China Ltd. and Galaxy Entertainment Group Ltd. lost more than 7%. Suncity suspended trading in its Hong Kong shares on Monday.
JPMorgan and Citigroup said the arrest could hurt investor sentiment toward the industry.
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