Article: Macao gambling group retreats from Japan bid amid controversies

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Macao gambling group retreats from Japan bid amid controversies

ZACH COLEMAN, 23 May 2021

HONG KONG — Suncity Group, the Macao-based gambling company, has pulled out of the running for rights to run a casino resort in Japan.

The group is the biggest junket agency in Macao, bringing in high rollers from China and other countries to wager millions in VIP rooms it operates inside other companies’ casinos in the world’s largest betting hub and elsewhere. Through listed arm Suncity Group Holdings, it also runs its own casino resorts near Hoi An, Vietnam and Vladivostok, Russia and is building another in Manila’s Entertainment City gambling zone. Continue reading “Article: Macao gambling group retreats from Japan bid amid controversies”

Article: Vietnam Reiterates Dong Policy After Manipulator Label Dropped

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Vietnam Reiterates Dong Policy After Manipulator Label Dropped

Mai Ngoc Chau, 17 April 2021

Vietnam’s central bank reiterated its exchange-rate management policy was in line with other economic goals after the U.S. Treasury Department removed the nation from its currency manipulator list.

The State Bank of Vietnam said its monetary policies are not meant “to create an unfair competitive advantage in international trade” for Vietnam, and are intended to control inflation and support growth, according to a statement on Saturday.

“The State Bank has applied measures to gradually improve the flexibility of the exchange rates while maintaining the foreign currency market in a stable manner,” it said. “The U.S. Treasury Department has recorded positive developments in Vietnam’s foreign currency market and the central bank’s performances.” Continue reading “Article: Vietnam Reiterates Dong Policy After Manipulator Label Dropped”

Article: Crown chairman Helen Coonan admits casino ‘facilitated’ money laundering

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Crown chairman Helen Coonan admits casino ‘facilitated’ money laundering

Mostafa Rachwani,  20 October 2020

The Crown Resorts chairman, Helen Coonan, has admitted the company facilitated money laundering at its Melbourne casino but denied it was “turning a blind eye” to criminal activity instead blaming it on “ineptitude”.

The concession was made at the New South Wales Independent Liquor and Gaming Authority’s inquiry into Crown’s suitability to hold a Sydney casino licence.

Coonan was asked on Tuesday about Crown’s relationship with SunCity, a high-roller junket partner with alleged criminal links. She was challenged on why Crown did not shut down SunCity’s private room in Melbourne after evidence emerged of money laundering. Continue reading “Article: Crown chairman Helen Coonan admits casino ‘facilitated’ money laundering”