Levo Chan, a prominent figure in Macau’s gaming industry, was handed a 14-year prison sentence on Friday for a range of offenses including organized crime, fraud, and money laundering.
Chan, who had been the top figure of the now-defunct Tak Chun Group, showed remorse in his closing statement to the court, apologizing to his former workers and denying any association to a criminal syndicate.
Before his arrest in January 2022, Chan had been one of the most powerful individuals in the gambling enclave and his conviction comes in the wake of a similar 18-year sentence given to Alvin Chau, the head of Macau’s biggest junket, Suncity.
Both men were charged with depriving Macau’s government of millions of dollars through clandestine, tax-free gambling with high-rolling patrons. This type of betting, known as multiplier bets, involves Tak Chun multiplying the stakes on “official” bets placed in Macau’s casinos and settling the amount later.
Chan had allegedly made US$200 million from these bets on a total handle of US$4.5 billion while leaving the government unscathed of US$62 million in revenue.
In an attempt to escape prosecution, Chan had wired a large sum of money to Taiwan, a country not having an extradition treaty with Macau or China, and also applied for residency there.
Chan is the major shareholder of Macau Legend Development Ltd, a company owning the Fisherman’s Wharf entertainment complex in Macau and operating casinos under SJM Holdings. The charges against him, however, were unrelated to Macau Legend’s activities.
