SunCity Group abandons Australian gambling

Sun City Group is probably one of the biggest names in Australian gambling. Actually, it was one of the most recognized, as the Asian group has announced it will renounce the Australian gambling scene and leave the country, amid grave allegation concerning its alleged connections with the Chinese mafia.

Suncity Group Holdings Limited refutes Australian investigation rumors

Asian controlled firm, Suncity Group Holdings Limited has released an official statement in which it sternly refuses all links to the allegations that have been investigated by Australian authorities over the alleged links between the majority shareholders and a powerful Chinese crime syndicate. The officials have stated that not only are they not in any way, shape or form connected buy that they refuse any notion that in the past they have willingly and knowingly accepted business from illicit sources. More so, they believe they have a background check system that allows them to quickly invalidate deposits and other business from these types of players.

Scrutiny stories:

As per a Monday report from the local newspapers, the Hong-Kong listed firm apparently names cam up in an ongoing investigation seeking to understand the way that Chinese organized crime gets entered into the Australian gambling market and how it generally operates. The money-laundering operations that allegedly took place inside of the casinos in question apparently is a normal hazard of the gambling community and casinos and is often more rooted in the business that anyone expects.

Admission rumor:

Alvin Chau Cheok Wa allegedly holds a big stake in Suncity Group Holdings Limited all while serving as the ‘’silent’’ CEO for Suncity Group, a privately-held Macau junket firm. While the investigators on the case have not yet released any kind of details concerning their alleged investigation, the business and personal rivals of the CEO have launched endless rumors regarding the legality and validity of the businesses that the Macau-operated group handles. The ongoing investigation provided the perfect structure for sparking enough gossip that can possibly weaken the media position of the aforementioned group.

Determined denial:

Because a public statement was needed and the group was in need of some ‘’image-washing’’, so to speak, the Suncity Group Holdings limited decided to directly respond to the considerable buzz that was created by the rumor. They publicly declared that the allegations are false, and even the claim that an investigation is taking place is, in fact, completely false. The group’s spokesperson added that the Australian authorities did not conduct any kind of official or unofficial investigation.

Suncity Group abandons the Australian market

The Asian junket firm that is Macau-owned DNA operated, Suncity Group, has allegedly taken the decision to abandon and leave the Australian casino market following allegations that its VIP operations in Melbourne and Sydney may have aided Chinese organized crime syndicates in illegally laundering money. Behind closed doors, the rumors began swirling that the owners and stakeholders and particularly worried about the false allegations and wonder how can they operate in a hostile environment.

According to a report citing an earlier story from The Age newspaper, the revelation follows the initiation of an investigation by the Australian Criminal Intelligence Commission (ACIC) into whether high-roller gambling lounges such as those run by the Macau-headquartered firm could be helping to facilitate illicit activities such as money laundering.

Dual operations:

GGRAsia reported that Suncity is responsible for VIP gaming lounges inside the giant Crown Melbourne, which is operated by Crown Resorts Limited, as well as The Star Entertainment Group Limited’s equally impressive The Star Sydney. But, its junket services for both of these are now purportedly set to be shuttered beginning with Sydney before being closely followed by Melbourne.

Takings tumble:

Matt Bekier, Chief Executive Officer for The Star, reportedly detailed that his firm’s most recent annual turnover from foreign high-rollers had declined by 30.7% year-on-year to approximately $28.8 billion. He moreover purportedly explained that the Brisbane-based operator’s comparable international VIP revenues over the course of the same twelve-month period had dipped by some 16.7% to hit slightly above $397.1 million.

Bekier reportedly told The Age…

“The fixed room of Suncity [Group] will be discontinued here. It had a small fixed room. That room is being closed.