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HONG KONG - Embattled gambling operator Suncity Group Holdings has closed all VIP gaming rooms in Macau, the world’s largest gambling hub, after the company’s chairman was arrested, according to Reuters.
Alvin Chau, founder of Suncity Group, a conglomerate with interests that span gambling to property, was arrested by Macau police on Sunday. The junket operator was denied bail on Monday as he was deemed a flight risk.
11 other individuals were arrested the following day as a result of the in an investigation into an illegal gambling and money-laundering syndicate.
The ring is said to have set up an illegal betting platform in the Philippines that allowed Chinese gamblers to place bets online.
Trading in shares of Suncity were suspended on Wednesday as a result of the closures.
Following the arrests, some experts have speculated that Macau's gambling days may be numbered.
- Jagajeet Chiba, Gambling911.com
