• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 27 July 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Former MacauSlot shareholder convicted of money laundering

Newsdesk by Newsdesk
Thu 13 May 2010 at 00:00
16
SHARES
411
VIEWS
Print Friendly, PDF & Email

The fact that an illegal bookmaker convicted in Macau and subsequently found guilty of money laundering in Hong Kong managed to acquire a 4% stake in MacauSlot, the monopoly sports betting service in Macau for gambling on soccer and basketball games, clearly wasn’t enough to prevent the Macau government from renewing MacauSlot’s operating licence for another year last week.

MacauSlot—full name Sociedade de Lotarias e Apostas Mútuas de Macau, Limitada–is majority owned by Dr Stanley Ho’s investment holding company, STDM. It had its sports betting licence renewed via a low-key announcement in the Boletim Oficial, Macau’s government gazette, last week. The extension runs until 5th June 2011 and comes in time for MacauSlot to offer soccer betting services for this summer’s FIFA World Cup in South Africa.

At the time of last week’s MacauSlot franchise extension announcement, the Macau government must have been aware of the fact that Yeung Chun, a former shareholder of MacauSlot and a former manager of a VIP gambling room at Dr Stanley Ho’s Casino Lisboa, had been convicted and was awaiting sentence in Hong Kong for laundering via Hong Kong’s HSBC bank the proceeds from a Macau-based illegal horse-betting operation estimated by authorities to have turned over HK$400 million.

The Macau authorities must have known in particular because Mr Yeung originally came to their attention in 2002 ,when he was arrested in Macau and subsequently convicted and jailed there for unauthorised bookmaking. Macau prosecutors said at the time that this particular illegal sports betting operation had brought in HK$187 million between 1999 to 2000. For such a person to have been able to become a shareholder of MacauSlot calls into question MacauSlot’s own internal controls and vetting procedures for approving shareholders. Questions must also be raised about the management of Macau Jockey Club given that Mr Yeung had a documented external business relationship with a senior official of the MJC at the same time as he was running illegal bookmaking on horse races.

The South China Morning Post reported that Mr Yeung was described in documents and Hong Kong Companies Registry papers submitted to a Hong Kong court—prior to his sentencing this week on the money laundering conviction—as a former business associate of Dr Ho’s wife, Angela Leong, and of Li Chi, managing director of Macau Jockey Club. The documented connection was that all three were shareholders in a company called Onshine Securities. In an unrelated matter in October 2005, Onshine Securities was reprimanded and fined HK$100,000 by Hong Kong’s Securities and Futures Commission for breaches of SFC financial rules, weaknesses in internal financial controls and insufficient supervision of staff.

Mr Yeung was also said in court to be a former business associate of Chen Yu, the chairman of Hong Kong-listed real estate company New World Development. Mr Chen also has a stake in MacauSlot. Mr Yeung had in the process of his business dealings also managed to acquire stakes in Casino Lisboa’s Club VIP betting room and the New Club VIP room, the Hong Kong court heard.

Hong Kong District Court sentenced Mr Yeung to 36 months in jail. He also agreed to a confiscation order on nearly HK$85 million of personal assets.

RelatedPosts

MGTO says no apparent impact on visitor numbers from limitation on provision of free snacks in Macau casinos

Macau visitor arrivals rise 13.3% year-on-year to 2,891,003 in June

Fri 25 Jul 2025 at 05:45
IAG to launch weekly “The IAG Live Streaming Show” starting this Friday 25 July

IAG to launch weekly “The IAG Live Streaming Show” starting this Friday 25 July

Thu 24 Jul 2025 at 14:20
A New Macau

Sands China to adopt more aggressive approach to customer reinvestment in Macau due to recent underperformance, targets US$2.7 billion annual EBITDA

Thu 24 Jul 2025 at 06:16
Dr Wilfred Wong

The Londoner Macao shows benefits of multi-billion-dollar revamp as 2Q25 performance pushes Sands China revenues to US$1.79 billion

Thu 24 Jul 2025 at 05:17
Load More
Tags: CrimeMacau
Share6Share1
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

Winds of change

Belle Corp’s share in City of Dreams Manila gaming revenue down 18% in 1H25

by Newsdesk
Sat 26 Jul 2025 at 08:39

Philippines real estate firm Belle Corp saw its share in gaming revenue from City of Dreams Manila fall by 18% year-on-year to Php772.3 million (US$13.5 million) in the first half of 2025, reflecting the challenges currently being faced by Manila’s...

DigiPlus to enter South Africa’s online sports betting market

DigiPlus to enter South Africa’s online sports betting market

by Newsdesk
Sat 26 Jul 2025 at 08:37

Philippines gaming technology firm DigiPlus Interactive Corp has announced plans to further expand internationally by entering the South African online sports betting market. The company said in a Friday statement that it would file license applications with the Western Cape...

Uncertain future for POGO industry suppliers as PAGCOR says operations in “status quo” for now

Maybank: Threat of total ban on Philippines online gaming is real, more clarity from President Marcos likely Monday

by Ben Blaschke
Fri 25 Jul 2025 at 12:34

Malaysian investment bank Maybank has warned that the threat of a total ban on the Philippines’ domestic online gaming, or eGames, sector is real given that political noise is similar to before recent bans on eSabong and POGOs. While Maybank...

MGTO says no apparent impact on visitor numbers from limitation on provision of free snacks in Macau casinos

Macau visitor arrivals rise 13.3% year-on-year to 2,891,003 in June

by Pierce Chan
Fri 25 Jul 2025 at 05:45

According to data from Macau’s Statistics and Census Service (DSEC), a total of 2,891,003 visitors arrived in Macau in June, representing a year-on-year increase of 13.3%. Mainland China remained the primary source of visitors to Macau in June, with 1,995,627...

Your browser does not support the video tag.


IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English