As soon as Melco expressed an interest in purchasing a 20% stake of Crown Resorts, the Australian regulator announced the entire examination of the project. The authorities will check the connection of Melcoˈs CEO, Lawrence Ho, to Chinese triads.
Background of the Story
According to unofficial reports, Ho has been connected to the Su Yee On and 14K local triads. The allegations started when his father, Stanley Ho, kept a monopoly on Macau gambling until the city launched its gaming industry.
Announcement
Melco CEO will accept regulatory scrutiny:
“We are always happy to go through the regulatory process. I think if anything if you look at our track record of developing our global footprint overseas, we always prefer jurisdictions where there are strong governance and strong regulatory regime which is why we’ve shied away from some of the other smaller Asian countries where their regulatory regime wasn’t as developed.”
He added:
“Again, it will further demonstrate to Japan that we are a global player that is not afraid of compliance and probity reviews.”
Recent Activity
Melco operator is active on several gambling markets. The company runs betting operations in Macau and has the potential for further expansion. It has already entered the Philippines gambling market with City of Dreams in Manila. In addition, the enterprise has expanded all over Cyprus where it launched several satellite casinos as well as the enormous $617-million worth City of Dreams construction.
The brand also has another plan for a Japanese integrated resort. It will fight for one of the expected three licenses from the local regulator.
Melco and Crown Resorts
The cooperation of Melco and Crown passed through thick and thin in past years. The two partners ended the collaboration in 2017 after Crown employees were arrested for “gambling-related crimes” in China.
About the Company
Melco represents a world-class casino operator in Asia. At the moment, the it runs City of Dreams Macau, famous for The House of Dancing Water, Atira Macau hotel and non-casino electronic machines in Mocha Clubs. Ever since first opening in 2014, Studio City attracts attention with numerous amenities, top-notch entertainment, and interesting content.
Source:
“Melcos Lawrence Ho welcomes Australian scrutiny over Crown deal“, Erik Gibbs, calvinayre.com, June 7, 2019.
VlagreDis
4 years ago
It seems that Lawrence Ho has nothing to hide...very interesting for regulators!
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