The arrest of Suncity and the fall in Macau casino stocks

Not long ago news was published that Macau casino stocks went down, and very quickly at that. This is due to the fact that 11 prominent figures from the gaming industry were arrested on suspicion of money laundering. And among those arrested was also the founder of Suncity. To date, the information has been verified by numerous publications, so there is no reason to doubt the authenticity.

The fall has affected many companies and the figures are different everywhere and range from a few points to dozens.

All of this is because investors are worried about their own businesses, losses are taking their toll and no one wants to allow that to happen. But it is also worth considering the long-term effects of the Macao authorities’ tougher stance on the gambling industry as a whole.

In a city in the Middle Kingdom, a warrant has been issued for the arrest of Suncity co-founder Alvin Chau on charges of carrying out gambling activities in the rest of the country. It should be noted that there is a ban on gambling there. According to the prosecutor, Chau created a whole network that attracted people to take part in the games. At the same time, entire companies were set up that were responsible for the available assets and the transfer of funds.

The authorities say that all gambling participants in Macao must always comply with the law. In addition to this, the statement says that the authorities will not react harshly to any acts that violate local laws.

As for the police, the statement said there was a need for much stronger oversight of the gambling industry in order to develop other areas, such as tourism or other entertainment, legal and orderly.
And in the course of the proceedings, some accused and individuals admitted their guilt, including the creation of new platforms in other countries and illegal virtual betting.

It is worth recalling that one of the employees of the audited BK was fined the sum of 800 thousand roubles and sentenced to 3 years in prison.