Junket Operator's Arrest Drives Macau Casino Stocks Down
Alvin Chau, Suncity Group Holdings’ CEO, was among those detained. Macau casino stocks tanked this week after the arrest of 11 junket operators.
11 junket operators were arrested in Macau on Monday. Macaese casino stocks lost roughly $20 billion in market capitalization in a single day.
Wynn Macau shares lost 7.8% on Monday and are down 48. 8% year on year. Sands China shares fell 5.3% and MGM China dropped 10.0%. Last September, Macao casino stocks lost roughly $18 billion in market cap.
Junket Operator's arrest drives Macau Casino Stocks down. Wynn Macao shares lost 7.8% on Monday and are down 48. 8% year on year. Sands China shares fell 5.3% and MGM China dropped 10.0%.
Suncity CEO steps down, VIP rooms closed. The junket operators are facing charges of money laundering, cross-border gambling, and conducting offshore virtual gaming. Suncity controls roughly 40% of the Macau casino junkets business and accounts for nearly 20% of gambling revenue. Its shares dropped 48% on Tuesday. China has targeted junkett operators in the past. Macao casino gross gaming revenue in November was 55% higher than it was in October.