NagaCorp CEO Tan Sri Dr. Chen Lip Keong has increased his stake in his casino company, buying an aggregate of six million additional shares on Wednesday.
According to a filing from Nagacorp on Friday, Dr. Chen bought two million shares for a total consideration of HK$14.2 million (US$1.8 million) on Wednesday, and then four million shares for a total consideration of HK$29.6 million.
As of now, Dr. Chen now has an aggregate 2.9 billion shares in the company, representing approximately 65.98 percent of the issued share capital of the company.
Macau’s VIP gaming sector is undergoing a cash crunch as customers withdraw billions of dollars in deposits due to concern about Beijing’s crackdown on capital flows for gambling purposes, Reuters reports.
Online lottery company 500.com said a special investigative committee (SIC) established to probe its role into an alleged bribery scandal in Japan found that there had been no violation of the Foreign Corrupt Practices Act.