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.
Alvin Chau, the head of Macau’s biggest junket firm, Suncity Group Holdings, has been barred from entering Australia, according to reports in local media.
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.