Former CEO of Macau Suncity Group Alvin Chau Sentenced to 18 Years Jail for Fraud, Criminal Association, Illegal Gambling & Money Laundering, To Pay $829 Million to Government for Lost Revenue and $255 Million to 5 Casinos
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Former CEO of Macau Suncity Group Alvin Chau Sentenced to 18 Years Jail for Fraud, Criminal Association, Illegal Gambling & Money Laundering, To Pay $829 Million to Government for Lost Revenue and $255 Million to 5 Casinos
21st January 2023 | Hong Kong
The former Chairman & CEO of Macau Suncity Group (Junket Operator) Alvin Chau had been sentenced to 18 years jail for fraud, criminal association, illegal gambling & money laundering in Macau, and to pay $829 million (HKD 6.5 billion) in compensation to the Macau government for lost revenue and $255 million (HKD 2 billion) to 5 casinos – Wynn Macau, Galaxy Entertainment Group, MGM China, Sands China and SJM Resorts (Sentence 18/1/23).A casino junket operator facilitates VIP customers with lavish & incentives trips to casinos.Macau is the only city in China where citizens are permitted to gamble in the casinos.In 2020, Inside Asian Gambling named Chairman & CEO of Macau Suncity Group Alvin Chua as rank no. 6 in the Asian Gaming Power 50 ranking. After Alvin Chau was arrested, Suncity Group announced the cessation of its junket business.In July 2022, the board of directors of Suncity Group proposed a company name change to LET Group.
“ Former CEO of Macau Suncity Group Alvin Chau Sentenced to 18 Years Jail for Fraud, Criminal Association, Illegal Gambling & Money Laundering, To Pay $829 Million to Government for Lost Revenue and $255 Million to 5 Casinos “
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LET Group, formerly Suncity Group Holdings
Chairman & CEO of Macau Suncity Group Alvin Chua
LET Group Holdings Ltd, formerly Suncity Group Holdings Ltd, is a China-based investment holding company. The Company mainly conducts its business through six segments. The Operating Integrated Resort in the Philippines segment is engaged in the development and operation of integrated resorts. The Operating Integrated Resort in the Russian Federation segment is engaged in operating hotels and gaming businesses. The Travel-Related Products and Services segment is engaged in sales of travel-related products, provides travel agency services and air charter services. The Hotel and Integrated Resort General Consultancy Services segment is engaged in the provision of general consultancy services for hotels and integrated resorts. The Property Development segment is engaged in the development and sale of office buildings, residential properties and hotel premises. The Management and Operation of Malls segment is engaged in the management and operation of Ying Yun shopping malls.
Managing $20 million to $3 billion. Investing $3 million to $300 million.
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