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.

SHARE
Previous articleCovid-19 creates “unsustainable” eSports bubble
Next articleFormer IPI contractor wins second writ of execution

Related Articles

Deloitte resigns as Summit Ascent auditor

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.
Tigre de Cristal

Summit Ascent GGR growth to soar on Suncity backing

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 boosting stake in Tigre de Cristal

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 signs construction contracts with Megawide for Philippine project

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

Suncity Group: Striving for five-star entertainment

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.

Hoiana gets two global tourism awards

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 plans direct VIP line at Tigre de Cristal

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.

Macau operator stocks gain: Suncity surges

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 gets two-year extension to bond maturity

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 completes acquisition of nearly 70% of Summit Ascent

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.