Summit Ascent has announced that Deloitte Touche Tohmatsu resigned as the auditor of the company with effect from November 17 2020, and the board, with the recommendation of its audit committee, has asked shareholders to approve Suncity, Crowe (HK) CPA Limited, as the new auditor.
Brokerage house Credit Suisse has initiated coverage of Summit Ascent Holdings, giving the firm a strong vote of confidence due to the backing of major shareholder Suncity Group, with gross gambling revenue projected to surge 349 percent next year.
Summit Ascent and the Suncity Group have jointly announced that they intend to raise their controlling stake in Oriental Regent Limited (ORL), operator of the Tigre de Cristal resort in Primorye, by a further 10 percent to 77.5 percent.
Suncity Group said it has signed two construction agreements worth HK$1 billion with Megawide to develop its integrated resort project in the Philippines.
Suncity Group was founded in 2007 and since its establishment, it has been striving to provide an extraordinary VIP entertainment service for our guests. We opened a number of VIP Clubs in various 6-star hotels and resorts throughout Macau with the rapid growth of our business.
Suncity Group Holdings said Hoiana has won two prestigious awards at the 27th World Travel Awards (WTA) and the World Golf Awards 2020. The resort has been named Asia’s Leading Tourism Development Project 2020, along with Hoiana Shores Golf Club being recognized as the World’s Best New Golf Course 2020.
Suncity Group Holdings said it plans to set up a direct VIP business line at its Tigre de Cristal property in Russia to help drive business volumes and keep high junket rebates in house. The company said Summit Ascent may increase its stake in Oriental Regent, operator of the resort, to 67.5 percent from 60 percent previously and may end up holding as much as 89 percent if it is the only subscriber to an upcoming share issue.
Shares in Macau's casino operators all rose on Thursday following an upbeat earnings announcement from Las Vegas Sands, while stock in Suncity Holdings outpaced, surging almost 23 percent on the day.
Suncity Group said it has secured a two-year extension to the conversion date of outstanding convertible bonds, which are mostly held by a company controlled by Chairman Alvin Chau.
Suncity has now increased its stake in Summit Ascent from approximately 24.7 percent before the recent rights issue to approximately 69.7 percent, taking a controlling stake in the operator of Tigre de Cristal in the Russian Far East.
China’s move to criminalize efforts to lure Chinese nationals overseas to gamble spells more bad news for Macau's junket sector, which was already facing tough trading conditions.
The Macau government has received MOP299 million (US$48.8 million) in taxes on commissions paid by casinos to junket operators in 2019, a 24 per cent year-on-year drop, according to the last year’s budget execution report.
Suncity Group Holdings has been given three investor relations awards from the Hong Kong Investor Relations Association.
The Suncity Group has again signaled its seriousness for bidding to become Wakayama’s IR development partner by opening an office in the city. Located at Nankai Electric Railway Company’s Wakayama Daigaku-mae Station in the northern part of the city, the 460 square meter office will be open to the public from Friday, and it includes […]
IR development in Japan may currently be stalled, but the Suncity Group is moving forward with its public relations campaign in Wakayama by sponsoring the local professional basketball team. Suncity has become an official sponsor of the Wakayama Trians, and is coordinating the release of a series of physical training videos together with the team. […]
Suncity Group Holdings has reported 2020 H1 results showing RMB93.7 million (US$14 million) in total revenues, a figure which is down 70 percent year-on-year. The loss attributable to owners of the company was RMB118.6 million. As of June 30, the firm held cash in the amount of RMB1.66 billion. Turning to various development projects, he […]
Suncity Group has issued a profit warning noting that, based on its preliminary review, the group is expecting to report about RMB108 million (US$15.1 million) in losses for the January-June 2020 period. The statement noted that “due to the outbreak of Covid-19, there has been a significant impact on the group’s travel and tourism related […]
Suncity Group has announced that its chairman, Alvin Chau, will exchange his existing shareholder loans worth about US$500 million into Perpetual Securities, a move which will boost the firm’s liquidity and aims to demonstrate his full confidence in its future. Under the arrangement, Suncity may choose to repay or not to repay Chau both the […]
Summit Ascent Holdings issued a profit warning and Q1 financial results on Tuesday, in coordination with a Suncity Group circular confirming their intention to take a controlling stake in the firm. For the three months ending March 31, Summit Ascent reported nearly HK$92 million (US$12 million) in gaming and hotel operations revenue at Tigre de […]
A group of local businesspeople have formed a new Wakayama IR Promotion Council and last week hosted a lecture of the Suncity Group. The event, which was held at a hotel in Wakayama city, is meant to be the first of a series of lectures and study sessions. At its inauguration, 65 local companies are […]
The Suncity Group Holdings has provided an additional US$82 million deposit, through its Philippines subsidiary Suntrust Home Developers, to Westside City Resort World, a subsidiary of Travellers International Hotel Group. This represents the third refundable deposit following earlier installments of US$20 million and US$46 million, making a total of US$148 million. Moreover, Suntrust currently has […]
Suncity Group was given a Certificate of Donation by the Chinese central government’s Liaison Office to Macau for its efforts to fight the coronavirus pandemic.
The Gaming Inspection and Coordination Bureau (DICJ) says it is unaware of any irregularities concerning the activities of Suncity Group in Macau, after rumors about the company’s operations surfaced over the weekend. In comments to Macau News Agency, the DICJ said that “All junket promoters of Macau are subject to stringent monitoring by the DICJ, […]
Following incendiary rumors encircling his company, Suncity Group CEO and director Alvin Chau on Sunday released a video vehemently denying all accusations which had been shared by Chinese language media over the weekend. Chau made a detailed statement on three points in particular – the first being Suncity Group’s alleged funding of Hong Kong rioters, […]
Suncity Group’s local Philippine unit says it is no longer subject to any limits on foreign ownership following the approval of an amendment of its scope of business to focus on tourism-related activities.
Crane Payment Innovations says it has installed 300 SC Advance note validators at SunCity Group’s Hoiana Casino in Vietnam.
SunCity Group Holdings and its investment partners held a preview opening of Hoiana on Sunday, with a “simple yet solemn” ceremony. Hosted by Hoiana chairman Mr. Don Lam and chief executive officer Steve Wolstenholme, the opening included traditional ceremonies such as “Lion Eye Dotting” and “Choi Qing”. On display included Hoiana’s gaming facilities, Hoiana Shores […]
Presidential spokesman Harry Roque has warned Philippine Offshore Gaming Operators (POGOs) that they’d better pay all their taxes or else leave the country. “Our position is clear,” Rogue stated, “If they want to stay, they have to pay the right taxes. They have to follow rules and regulations, and health guidelines set by the Inter […]
Suncity Group said its Philippine unit has received permission from the Philippine Stock Exchange to amend its primary and secondary purposes to focus on tourism-related activities.
The Suncity Group Holdings has provided an additional US$46 million deposit, through its Philippines subsidiary Suntrust Home Developers, to Westside City Resort World, a subsidiary of Travellers International Hotel Group. In February, Suncity announced that SunTrust had signed a twenty-year lease agreement with Westside to develop and operate its casino hotel. Last October, Suncity acquired […]
Suncity Group Chairman Alvin Chau says he expects his company to hold a portfolio of integrated results in all major jurisdictions across Asia in a few years, “rivalling peers ahead” of the company today.
In recent weeks, Nagasaki may have gained a step on Wakayama, which is likely its main rival to secure an IR license.
The Suncity Group explained in a June 1 filing to the Hong Kong Stock Exchange that it is aiming to take a 70 percent interest in Summit Ascent and make the company into a subsidiary. Under the proposed deal, Victor Sky, a direct wholly-owned subsidiary of the Suncity Group, which currently holds a 22 percent […]
Casino and junket operator Suncity Group on Tuesday announced fiscal measures to “enhance shareholders’ confidence” in the group’s future prospects. In a note sent to shareholders, Suncity Group said that it will be using its fiscal reserves to exempt shareholders from loss recorded from February to May 2020. The company also plans to fully pay […]
The Wakayama Prefectural Government announced on Thursday that both the Suncity Group and the Clairvest Group have qualified to participate in its RFP process. The two applicants will have until August 31 to submit all of their paperwork and proposals. Wakayama is expected to select its consortium partner around mid-November if there are no delays […]
Suncity Group’s Philippine unit has donated P50 million ($1 million) worth of personal protective equipment to 40 public hospitals in Luzon province to help battle the coronavirus.
The word came down this week and the news was neither expected nor was it positive. Only one prospective IR operator, the Suncity Group, filed a complete application for a bid to partner with the Wakayama Prefectural Government on developing the Marina City location.
Hong Kong-listed Suncity Group has just signed an operation and management (O&M) agreement with Westside City Resorts World Inc. as part of its co-development agreement to operate a new hotel-casino in Entertainment City. The O&M agreement took effect on May 4, 2020, and will be valid until July 11, 2033, and is one of the […]
In an unexpected development, the Wakayama Prefectural Government announced that only one IR operator candidate, the Suncity Group, has applied to participate in its RFP process, a considerable setback for what had been one of the more competitive candidate locations. According to Wakayama’s notice, only two companies applied to join the RFP process, Suncity and […]
Suncity Group released its full-year 2019 financial results, recording lower total revenues and expanded losses as compared to the previous year. The group recorded a loss for the year attributable to owners of the company of RMB1.48 billion (US$207 million) in 2019, which was a 1.7 percent greater loss than in 2018. The total revenues […]
Suncity Group reported to the Hong Kong Stock Exchange on Thursday that it had gained shareholder approval to invest in land in three parcels of land located at Manila Bayshore Integrated City. Suncity told the exchange it had written approval to pay, through Suntrust Home Developers, an initial US$200 million as provided under a co-development […]
Summit Ascent, the operator of the Tigre de Cristal in the Russian Far East, said its CEO Eric Landheer has quit the company due to differences of opinion with the board over strategic business development.
Hong Kong-listed Suncity Group has announced that the company behind HOIANA Integrated Resort has been advanced a new loan of around US$34 million to assist with future business development and capital needs. According to Suncity’s filing to the Hong Kong Stock Exchange, the loan comes from Star Admiral Limited, an indirect wholly-owned subsidiary of SunCity, […]
The New South Wales Independent Liquor and Gaming Authority’s probe of Crown Resorts heard testimony on Monday from a gaming expert who contends that there are links between Macau’s junket industry and organized crime, and that Australia’s regulation of junkets was weaker than many other jurisdictions. Paul Bromberg of Spectrum Asia, testifying by video link […]
Suncity Group has announced its subsidiary, SunTrust Home Developers Inc, has signed a 20-year lease agreement with Travellers International Hotel Group and Westside to develop and operate its casino hotel. The agreement comes as part of moves by Suncity to operate a casino in the Philippines, which began in October last year when Suncity acquired […]
Macau junket operator SunCity Group is granting its employees special paid leave during the 15-day closure of casinos in Macau, local media reports. SunCity CEO Alvin Chau said that the leave will not be deducted from employees’ annual leave or salaries. Last week, the Liaison Office of the Central People’s Government said that Suncity donated […]
SunCity Group Holdings has revealed that its payment of $200 million to secure the project site for Westside City Resorts World will be completed around late March. In October, Suncity acquired a controlling stake in a Philippines company called SunTrust Home Developers for the rights to build a five-star hotel with at least 400 rooms, […]
The Securities and Exchange Commission (SEC) is investigating whether Suntrust Home Developers, co-developer of Westside City Resorts World, should have made a tender offer to public investors, during its acquisition by Suncity Group, The Inquirer reports. The company was recently acquired by Suncity Group Holdings, as a way for the junket operator to make its […]
Suncity Group Holdings on Tuesday announced it will be providing further financial assistance to Gold Yield Enterprises (GYE), the majority owner of the Hoiana integrated resort in Vietnam. The advance will be used by GYE for the purpose of investment and development of the project, which Suncity said has strong growth potential. “It is necessary […]
The Securities and Exchange Commission has approved an increase in the authorized capital stock of Suntrust Home Developers Inc, paving the way for the entry of Suncity Group Holdings into the company. In October, Hong Kong-listed Suncity announced it had acquired a controlling stake in Suntrust, which is involved in developing and managing an upcoming […]
Hong Kong-listed Suncity Group aims to speed up the payment of $200 million to secure the project site for its proposed five-star hotel and casino complex, Westside City Resorts World, to be developed at Entertainment City, Manila.
Suncity’s backdoor foray into the Philippines gaming industry has raised questions from industry stakeholders, particularly regulators, according to local media. Last week, the Hong Kong-listed junket operator announced it has acquired a controlling stake in SunTrust Home Developers Inc, a company involved in developing and operating the casino portion of the long-awaited Westside City Resort […]
Shares of Suntrust Home Developers Inc. are to remain suspended from trading by the Philippine Stock Exchange after it was found that its deal with Hong Kong-listed Suncity was in breach of backdoor listing rules. Earlier this week, Suncity Group Holdings announced it has acquired a controlling stake in Suntrust, which is involved in developing […]
Hong Kong-listed Suncity Group Holdings has acquired a controlling stake in a Philippines company involved in developing and managing an upcoming five-star hotel and casino in Manila. In a filing to the stock exchange on Tuesday, Suncity said it will, through its subsidiaries, purchase a 51 percent stake in SunTrust Home Developers Inc. The multi-layered […]
Suncity Group participated in the IR Gaming Show and revealed its plans for a unique IR featuring the traditions, history and natural landscape of Wakayama.
Suncity Group’s Poker King Club has teamed with South Korea’s Paradise Co. to open a poker room in the operator’s casino in Busan.
Suncity Group said its working with the Chinese province of Chengdu to help promote the region’s food culture.
Junket operator Suncity Group has announced it will be hosting a reopening ceremony for its refurbished Suncity VIP Club at Galaxy Macau on September 24. According to a report from GGRAsia, the number of VIP tables will remain unchanged at 20 tables in the VIP club. In June, the junket operator said it had upgraded […]
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Suncity Group has announced the acquisition of a plot of land located in Miyako Island in Okinawa, Japan, with the aim of developing a resort hotel. Under the agreement, Suncity will purchase a 51 percent stake in MSRD Corporation Limited, a holding company that owns the 108,799 square meter plot of land on the island. […]
Suncity Group Holdings said its loss narrowed in the first half, though revenue declined 32.7 percent mainly due to its property development segment.
Making up for lost time, the Suncity Group has launched its Japanese-language website, complete with a high production value, five-minute movie outlining its concept for an IR at Marina City, Wakayama.
Suncity Group Executive Director John Au Chung On made clear at a symposium on Monday that his company was planning to make an IR bid in Japan and that Wakayama was a location that they are focusing on.
Junket operator Suncity Group says it expects its loss for the six months to end-June to be between 15 and 25 percent less than the prior year.
Macau’s largest junket operator, Suncity Group, has closed all its Australian VIP rooms for commercial reasons, MNA reports.
Suncity Group held the soft opening of a new VIP club at Resorts World Manila on August 15.
China’s statement on online gambling in Manila could be seen as a warning to junkets and online gaming operations about gambling outside of Macau, Bernstein analysts wrote in a note.
Suncity Group Holdings has issued a statement denying media reports that its chairman and controlling shareholder, Alvin Chau, is under investigation by Australian authorities.
Macau-based Suncity Group, mainly known as a giant in the junket industry, has signaled potential interest in Japan by deploying an executive director to speak at a symposium in Wakayama in late August.
Summit Ascent Holdings, the operator of the Tigre de Cristal, in Russia’s Primorye gaming zone, said it expects to post a profit for the first half of this year, compared with a loss the same period in 2018.
SJM Holdings CEO Ambrose So said it sees no reason to suspend the group’s contract with junket operator Suncity, despite recent allegations that the junket had engaged in illegal online gaming operations. According to a report from TDM-News, the head of SJM said it viewed the recent controversy as not having an effect on the […]
Macau authorities have reportedly opened seven cases related to illegal online gambling in the first half of the year, local media reports.
Macau Secretary for Economy and Finance, Lionel Leong said he welcomed Suncity’s commitment to adhering to Macau’s legal standards, even in other jurisdictions, TDM Macau reports. Leong made the comments during a visit to Jiangsu Province after being asked to comment on the recent controversy surrounding the Macau licensed junket operator. Leong said the government […]
The head of Macau’s gaming regulator said the Gaming Inspection and Coordination Bureau has inspected 25 VIP rooms and found nothing illegal and confirmed that Suncity Holdings CEO Alvin Chao is not under investigation.
China’s Public Security Minister Zhao Kezhi reportedly pledged to crack down on cross-border online gambling in a meeting last Friday, just days after state media singled out Suncity Group with allegations of illegal online gambling.
Suncity Group held the soft opening of a new VIP Club at the Rio Hotel Macau on Monday, offering a total of four rooms and 12 tables, MNA reports. The junket operator said it will begin operating “soon,” according to the news agency. Suncity currently operates 18 VIP Clubs in Macau and 14 VIP Clubs […]
The Gaming Inspection and Coordination Bureau has issued a warning to the city’s six gaming concessionaires, stressing the need to adhere to local and foreign laws on gambling. The message was relayed during a meeting on Tuesday with the DICJ and representatives of Macau’s junkets and gaming concessionaires – only days after junket and IR […]
Junket and casino operator Suncity Group has denied accusations that it is running online gaming and proxy betting in China through offshore online casinos. The accusations were made by China’s state-run press. “Our company’s VIP gaming promotion business is legal, and never owns any gaming venues or gaming tables. Our company also does not operate […]
Suncity Group has inked the deal to provide management and consultancy services to the owners of the $4 billion Hoiana Integrated Resort, which is due to open in October. According to a Monday voluntary announcement, Suncity Group said that its wholly-owned subsidiary, Suncity Group Management and Consultancy (Hoi An) has signed the deal to manage […]
A representative of SunCity Group says that its Hoiana IR project forms the center of the group’s expansion plans for Southeast Asia, according to reports. In an interview with MNA, a SunCity representative said this was due to the company’s 34 percent equity share in the project. The company is also working on a casino […]
Summit Ascent Holdings has announced board room changes after Suncity Group Holdings increased its stake in the operator of Tigre de Cristal earlier this month.
Suncity Group Holdings has bought a further 24.68 percent stake in Summit Ascent Holdings for HK$717.8 million ($91.5 million) as it seeks to build an “integrated tourism-related platform.”
Summit Ascent said its executive director and deputy chairman John Wang has resigned to pursue other business interests with effect from April 12.
Suncity Group Holdings said a company owned by its chairman Alvin Chau has agreed to lend the junket operator HK$1.5 billion ($191 million) to fund its operations. The funds will be available from April 8th, the date of the agreement, for a period of three years, Suncity said in a release to the Hong Kong […]
Suncity Group saw its loss for the year increase six-fold year-on-year to RMB1.5 billion (US$223.6 million), due mainly to the change in fair value of derivative financial instruments, exchange losses, and absence of a reversal of impairment loss and reversal of provisions for litigations which occurred in 2017. Total revenue increased 45.5 percent in the […]
Suncity Group Holdings announced on Wednesday that it has entered into a strategic partnership agreement to provide consultancy services with a Cambodian casino operator. Under the agreement, Suncity will provide consultancy services to a planned $360 million integrated resort, which is to be opened by local company Golden Sun Sky. The resort is expected to […]
Suncity Group on Tuesday announced it has completed the acquisition of its 34 percent stake in the Hoiana IR development in Central Vietnam. The acquisition involved the acquisition of the entire equity interest in and shareholders loan to Star Admiral Limited, a company involved in the IR project. The deal was originally scheduled to close […]
Junket operator SunCity Group reported a significantly widened loss of RMB$1.6 billion (US$235.0 million) for the six months ended June 30, 2018. In a profit warning released last week, Suncity said the loss is mainly attributable to a change in fair value of derivative financial instruments. The company also saw a year-on-year increase in the […]
Junket operator Suncity Group Holdings says it expects to record a ‘significant increase in loss’ for the six months ended June 30, 2018, compared to the prior year period. Suncity said the increase in loss is “mainly attributable to the increase in loss of approximately RMB 944.1 million (US$137.2 million) in respect of the change […]
Suncity Group has requested another extension for its deadline to purchase a 34 percent stake in Vietnam’s Hoi An project until August 31. The deal was originally scheduled to close on May 31, but was extended to July 31 as the company needed more time to fulfill certain conditions. In a filing to the Hong […]
Construction in the once sleepy seaside town of Sihanoukville is everywhere, with cranes, cement trucks, container lorries, and excavation generating clouds of endless dust.
First established in 2007 amid Macau’s casino boom, Suncity Group rose to become the former Portuguese colony’s largest junket business, operating opulent VIP rooms where well-heeled Chinese gamblers bet small fortunes on one hand of baccarat. Lately though, the Hong Kong-listed outfit, is going to be the flagship for diversification, including by investing in multibillion-dollar […]
Cambodia’s casino boom is continuing, with a 53 percent increase in licenses granted during 2018 and growing interest from Macau-based operators and junkets as Chinese tourism and investment surges.
Despite regulatory uncertainty and a relatively high risk profile, land-based operators will be closely watching developments across the Indochina region over the coming months.