According to reports, Suncity Group, the Asian junket firm, has elected to abandon the Australian casino market. This follows allegations that Chinese organized crime syndicates have been aided in illegal money laundering by VIP operations in Melbourne and Sydney.
Reports in an earlier story from The Age newspaper reveal this action to be linked to the start of inquiries by the Australian Criminal Intelligence Commission (ACIC) which concern the possibility of high-roller gambling lounges like Suncity Group (based in Macau) assisting in the facilitation of illegal actions such as money laundering.
As reported by GGRAsia the firm is responsible for VIP gaming lounges inside the giant Crown Melbourne. which is operated by The Star Entertainment Group Limited’s as well as the notable The Star Sydney Crown Resorts Limited. However, beginning with Sydney then followed by Melbourne, the company’s junket services for both of these are now ostensibly set to be closed down.
Market tumble
According to Chief Executive Officer for The Star, Matt Bekier, his firm’s most recent annual turnover from foreign high-rollers had dropped. And, the numbers are significant. The firm saw a 30.7% year-on-year to approximately $28.8 billion. He also explained that the Brisbane-based operator’s comparable international VIP revenues over had, the course of the same period of twelve months, declined by a considerable 16.7% to hit just above $397.1 million.
Bekier is reported to have said, “The fixed room of Suncity [Group] will be discontinued here. It had a small fixed room. That room is being closed.”
Investigation Underway:
It was amidst allegations that the business of Crown Resorts Limited was being used to illegally launder money by organized gangs that The ACIC inquiry was launched last month. Although not specifically mentioned, word about is that Suncity apparently went into overdrive following the emergence of claims that Alvin Chau Cheok Wa – the privately-held firm’s boss – had been refused entry to Australia.
Quick response
The Asian casino firm Suncity Group Holdings, for which Chau also acts as Chairperson, responded to the allegations of impropriety by stating that it was not being officially investigated. Moreover, the firm has been emphatic about the billionaire businessman not having any plans of traveling to Australia in the next twelve months.
