Chinese Authorities Arrest Crown Resorts Employees Over Wooing High Rollers: ReportHead Of International High-Roller Operations Detained |
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Employees of casino operator Crown Resorts have been detained in China over trying to bring high rollers to the company’s Australian casinos, according to reports.
Eighteen employees, as well as 10 people associated with the junket industry, were held in custody, The Australian reported Tuesday. Computers and smart phones were seized.
One of the employees was the head of the company’s international high-roller operations, according to Bloomberg. Crown stock fell 10 percent after the news.
The junket industry is tasked with extending credit to high rollers, an activity that helped make Macau the most lucrative gambling market in the world. The Chinese government started a crackdown on junket operators because it has strict rules on money leaving the mainland. The crackdown had a severe impact on Macau.
Macau is the only place in China were gambling, as well as the promotion of gambling, is legal. However, the casino industry reportedly advertises in China “below the radar.”
More than one third of Crown gaming win in Australia comes from international gamblers.
Australian authorities reportedly are talking with their counterparts in China about the arrests. Crown said in a statement that it’s “providing support to the families of our employees.”
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