Suncity chair eyes further Asia expansion

    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 his letter to shareholders in the company’s annual report, Chau details the expansion projects underway, as the Macau junket firm expands into an IR operator in its own right. 

    Chau says he expects to attend a groundbreaking ceremony for its development of the Westside City project in Manila’s Entertainment City “soon,” while staff are also working hard to be ready for a preview of its flagship Hoiana resort in Vietnam this summer. 

    “This is a very exciting time for myself to witness my vision for Suncity to sprout from ground zero into a truly integrated resort – a metamorphosis for Suncity.”

    The grand opening of Hoiana has been pushed back to 2021 due to the Covid-19 crisis, but Chau points out that the group’s investment in Vietnam is long-term and therefore the current delay does not change its views on the market.

    “Our long-term confidence towards the Vietnam market remains positive, given Vietnam’s extraordinary growth prior to the pandemic,” he said.

    The company is now also the largest single shareholder in Summit Ascent Holdings, which through its units operates the Tigre de Cristal resort in Russia’s Far East. It also bought a land plot on Miyako Island in Japan to build villas and hotel rooms.   

    “All of these set the stage for 2020 and beyond to become transformative years ahead for Suncity,” he said. 

    The group reported a loss for 2019 of RMB1.48 billion ($209.2 million), widening slightly from the RMB1.45 billion reported the prior year, mainly due to asset impairments.