Mainland China

Australia-listed Crown Resorts announced on Tuesday that all of its detained employees in China, as well as those who have been released on bail, have been charged with offenses related to the promotion of gambling.

Sports lottery provider 500.com Ltd has announced it has completed the acquisition of a 40.65 percent stake in MelcoLot Ltd.

Chinese authorities brought down 76 illegal entertainment businesses across the country, according to a Ministry of Culture announcement.

China is strengthening its oversight on Chinese overseas transactions under new rules announced by the State Administration of Foreign Exchange (SAFE) on Friday.

Sports lottery provider 500,com Ltd. is buying a 40.65 percent stake in MelcoLot Ltd. for approximately HK$322.2 million (US$41.3 million) through a share purchase agreement, according to a press release from the lottery operator on Tuesday.

Sports lottery service provider 500.com Ltd, today announced that it is acquiring approximately 93 percent of outstanding shares of The Multi Group Ltd. for a total consideration of EUR49.8 million (US$56 million) in cash.

Moody’s Investor Service downgraded China’s credit rating on Wednesday from Aa3 to A1, saying it expects an erosion in the financial strength of the economy in the coming years.

China appears to be ratcheting up its campaign against corruption once again ahead of the Chinese Communist Party Congress later this year, a leading risk consultancy firm has warned.

Mainland China lottery sales in April totalled CNY38.2 billion (US$5.5 billion), representing a rise of 9.6 percent year-on-year, according to data from the Ministry of Finance.

The controlling shareholder of lottery service provider Melcolot Ltd is reportedly in talks for the possible sale of its stake in the company, a filing from MelcoLot states.

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