Chan Yan Hung’s assets sold by Macau Court

Chan Yan Hung's assets sold by Macau Court in an effort to recover the stolen funds

The assets of former junket manager Chan Yan Hung, accused of embezzling nearly HKD100 million from a VIP room at L’Arc Macau in 2016, have been auctioned off by the Court of First Instance. This action is a significant move towards recovering the stolen funds.

Chan, who held the position of vice president of VIP operations at L’Arc Macau, allegedly embezzled almost HKD100 million from a VIP room in 2016 before disappearing without a trace.

The casino promptly reported the case to the Macau police, who investigated it as fraud but were unable to locate Chan.

To address the debts left behind by Chan, the Court of First Instance ruled in May 2021 that his wife would be jointly liable for HKD20 million of her husband’s debt. This is despite her having already filed an application for a division of property.

The court has now declared the sale of Chan's properties.

Ex-junket Manager, Chan Yan Hung’s assets sold by Macau Court

The Ocean Gardens properties, along with the parking space, were sold by the court for a total of nearly MOP8.6 million. Additionally, shares in three of Chan’s companies will also be sold, with the total value of the sale amounting to only MOP20,047.

The recovery of Chan’s assets represents a major milestone in the fight against embezzlement in Macau’s VIP rooms.

From 2014 to 2016, a number of cases involving the misappropriation of funds from VIP rooms were brought to light. Thus, underscoring the necessity for more stringent regulations.

Notably, in 2021, the Court of Final Appeal of Macau found Casino operator, Wynn Macau Ltd and Dore Entertainment Company Limited jointly responsible for stolen funds owed to a VIP customer.

These incidents have spurred Macau to introduce a new Gaming Law in 2023, imposing stricter regulations on junkets. The new laws prohibit junkets from entering revenue share contracts with concessionaires and from engaging in lending or borrowing money.

According to SportsbookPayPerHead.com, the auctioning of Chan Yan Hung’s assets by the Court of First Instance is a significant move towards recovering the nearly HKD100 million embezzled from L’Arc Macau’s VIP room in 2016.

The enactment of a new Gaming Law in 2023 by Macau, following the above case and similar incidents, imposes stricter restrictions on junkets. This includes prohibiting junkets from entering revenue share contracts with concessionaires and engaging in lending or borrowing money.

Recently, the appeal of former junket CEO Alvin Chau was rejected by Macau’s Court of Final Appeal. This article delves into the details of Alvin Chau’s case.

Discussions have also arisen regarding the future of the junket model, with MGM China’s COO Hubert Wang sharing his thoughts on the matter during an interview according to  iGamingDirect, a gambling industry news website.