The last time we crossed paths with online gambling operator Dr Jack Lam he was on the run having upset the gambling authorities in the Philippines.
While he remains on the lam, the not-so-good doctor is back in the headlines after selling his controlling stake in Hong Kong-listed junket investment company Jimei International Entertainment Group.
Lam’s 65.05% stake was valued at $57 million, half of which he has already received. It’s unknown whether he will retain any shareholding in Jimei International after the deal is finalised.
Lam’s buyer, Cosmic Leader Holdings Ltd, is committed to conducting “a review on the business operations and financial position of the group for the purpose of formulating business plans and strategies for the future business development” of Jimei International.
As for Jimei’s current undertakings, they include running junket operations such as City of Dreams Macau and the neighbouring Jimei Casino at the Grand Lapa hotel in the city-state.
Jimei Group also operated two casinos in the Philippines until President Rodrigo Duterte ordered that Jack Lam’s gaming assets be seized following his alleged failure to pay tax.
The Philippine government also ordered that Lam be arrested in the wake of 1,300 Chinese nationals being caught working illegally at an online gambling operation in Lam’s Fontana Casino.
With the Duterte regime on his trail, Lam fled the Philippines and he hasn’t been seen since. Should he turn up anytime soon, you’ll read about it here.