Macau casino shares soar ahead of return of China tours
Al JazeeraDec 01, 2022
The Facts
On Wednesday, a court in China's Special Administrative Region of Macau sentenced "junket king" Alvin Chau to 18 years in jail on 162 charges, including fraud, illegal gambling, and criminal association.
A high-profile billionaire gambling kingpin, Chau was found guilty of fraud, running an illegal gambling empire, and operating illegal bets, but was acquitted of money laundering. He denied all wrongdoing during his four-month trial.
The Spin
Anti-China narrative
Chau's sentence is unfair and signals the end of Macau junkets and VIP gambling. There's no evidence that Suncity ever operated under-the-table multiplier bets or that it was a criminal syndicate, which is probably why it never ran into legal trouble in more than a decade of operating worldwide. The verdict will hit Macau's gambling industry — already reeling because of COVID restrictions — and will make it harder for the city to spring back.
Pro-China narrative
Chau's prosecution sends a message that Beijing will no longer tolerate illicit activities in Macau aimed at aiding mainland gamblers and corrupt PRC officials launder money. Apart from reminding the junket industry that Xi Jinping can pull financial levers on matters of national security, China's anti-corruption drive shows that the PRC will never allow economic power to become concentrated in a small handful of junkets.
