top of page
Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.


The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Market

29 Nov 2021

Macau Casino Shares Plummet after 11 Arrests Were Made

The Index Today

Stocks of Macau casino saw a sharp drop on Monday after 11 people were arrested for having links to cross-border gambling and money laundering.

It is believed that the founder of the gaming hub’s junket operator was among those who were arrested. MGM China shares went down 11% whereas Wynn Macau slid 9%. Sands China saw shares drop by 6% as investors showed worry regarding the near-term potential loss and long-term loss.

Sunctity is a junket operator which helps bring in high rollers at casinos and provides credit extension. Alvin Chau, the founder of Sunctity is believed to have been arrested as well. Authorities in Macau have taken him in for questioning. The arrest warrant was issued on Friday after accusations of illegal gambling came forward.

Carlos Lobo, a gaming consultant in Macau said, “Sunctity accounts for over 50% of junket revenue in Macau, which accounts for roughly 50% of gaming revenues, so Sunctity accounts for 25% of gaming revenues. The impact on the gambling industry is huge, but Sunctity is no longer too big to fail, the system will not collapse.”

According to Macau police, the 11 people arrested were linked to allegations of establishing overseas gambling platforms and participating in illegal activity. Authorities in Wenzhou believe Alvin Chau created a junket network to enable people to gamble on overseas platforms. He is also accused of enabling cross-border fund transfers. Sunctity group has a market value of HK$1.7 billion and has trade suspended currently. The valuation plummeted 165% over the year due to coronavirus restrictions.

Clay pottery with table linens
bottom of page