The decision comes after the Court of Second Appeal acquitted former Suncity boss Alvin Chau and others.<\/p>\n\n\n\n\n\n\n\n
Macau.- Five Macau casino operators have decided to drop their pursuit of compensation related to the former Suncity. They had been seeking a collective MOP2.14bn.<\/p>\n\n\n\n
According to TDM, various sources have confirmed the concessionaires’ joint decision to drop the case after the Court of Second Appeal acquitted Alvin Chau<\/a>, the former CEO of Suncity (now LET Group Holdings<\/a>), and other defendants of fraud in October.<\/p>\n\n\n\n Wynn Resorts had sought MOP770m (US$96m), Galaxy MOP559m (US$70m), MGM China MOP340m (US$42.5m), Venetian Macau MOP295m (US$36.8m) and SJM Resorts MOP178m (US$22.2m) due to lost earnings as a result of Chau\u2019s alleged operations<\/p>\n\n\n\n The Court of Second Instance upheld the prison sentences previously imposed on Chau and his associates for their involvement in illicit gambling activities and other crimes. It cleared the group of defrauding Macao’s gaming operators but increased the amount of compensation they must pay to the SAR’s government to almost HK$25bn (US$3.1bn).<\/p>\n","protected":false},"excerpt":{"rendered":" The decision comes after the Court of Second Appeal acquitted former Suncity boss Alvin Chau and others.<\/p>\n","protected":false},"author":176,"featured_media":20789,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Macau's five casino concessionaires have collectively dropped MOP2.14bn in compensation claims against former Suncity CEO Alvin Chau and associates, following their acquittal on fraud charges by the Court of Second Appeal. While acquitted of defrauding operators, Chau's prison sentences for illicit gambling were upheld, and the group's compensation to the SAR government was increased to HK$25bn.","focusai_entities":"Suncity, Alvin Chau, LET Group Holdings, Wynn Resorts, Galaxy, MGM China, Venetian Macau, SJM Resorts, Court of Second Appeal, Court of Second Instance","focusai_location":"Macau","focusai_target_profile":"ceo_executive (0.9), regulator (0.95), compliance_legal (0.9), operator_casino (0.95), investor_analyst (0.9), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Junket Model Future","query":"What are the long-term implications for the junket operator model and its regulatory oversight in Macau following this legal precedent and the increased government compensation?"},{"label":"Concessionaire Financial Impact","query":"How does the collective decision by the concessionaires to drop MOP2.14bn in claims, juxtaposed with the HK$25bn compensation to the SAR government, impact their aggregate financial outlook and risk assessments?"}],"footnotes":""},"categories":[157,16338],"tags":[23906],"class_list":["post-777011062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-macau-casinos"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011062","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777011062"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011062\/revisions"}],"predecessor-version":[{"id":777040974,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011062\/revisions\/777040974"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/20789"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777011062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777011062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777011062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}