Top global junket operator Suncity Group has confirmed its budget pans for a prospective casino in Japan. The junket operator said that it would be spending anything between HK$30 billion and HK$35 billion (US$3.8 billion to US$4.5 billion) for the prospective Wakayama integrated resort it hopes to build.
The company CEO, Alvin Chau said that he would transform the city into an entertainment hub.
Speaking with IAG’s Japanese portal Suncity CEO said that, “Wakayama is rich in Japanese tradition and culture. The population is lower than Osaka or Yokohama, but there is abundant nature in the mountains and sea and we are planning a resort that incorporates these charms.
“I believe our ideas are in line with what the Japanese government is looking for in regional development.”
Suncity has been involved in a lot of controversies lately. Recently, it confirmed that the company is shutting its VIP gambling rooms located at The Star’s Sydney casino.
According to the reports, the decision to shut VIP gaming rooms has been a mutual decision taken by both Suncity and Star Entertainment.
While Suncity is the biggest aggregator of High-rollers from China, Star Entertainment is the second-largest casino operator in Australia.
The announcement has also been linked to the ongoing investigations into the crown resorts, which has been allegedly involved in money laundering with Chinese mafias and also facilitating fast-track visa approvals for high-rollers from China.
Moreover, in its recent filing with the Hong Kong stock exchange, the Suncity Group Holdings Limited said that they have already struck a deal to pay $47 million to purchase 51 percent of a 27-acre parcel of land on the Japanese island.
Suncity is amongst the biggest junket operator globally. According to the reports, it controls over 50 percent of the VIP gambling industry in the world’s biggest gambling market – Macau.