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China Releases 1 of 18 Arrested Crown Resorts Employees

China Releases 1 of 18 Arrested Crown Resorts Employees

One of the 18 members of staff at Crown Resorts that were arrested in China last month for suspected “gambling crimes” has been released.

The arrest of the members of staff, three of which are Australian nationals including the company’s head of international VIP gambling, has led to concern about the impact on Australian casinos that rely on wealthy Chinese gamblers. Analysts have linked the arrests to the Chinese laws that ban casinos from advertising or promoting gambling on the Chinese mainland, such as offering credit to high spending clients.

Following the arrests casino company Star Entertainment Group Ltd has warned of uncertainty around future revenue from China. According to the group’s chairman, John O’Neill, VIP gambling delivered less than 30% of revenue at Crown and 80% of that was derived from VIP junkets in Asia.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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