Macau-based Suncity Group, mainly known as a giant in the junket industry, has again signaled interest in Japan by deploying an executive director to speak at a symposium in Wakayama in late August.
Executive Director John Au Chung On will represent the Suncity Group at the symposium alongside Jonathan Strock of Groupe Barrière and Mitsuaki Kiriyama of Bloomberry Resorts Japan.
Suncity Executive Director Andrew Lo told AGB in 2017 that the group has formed a consortium in Japan to study a potential license bid there.
Ho said the consortium was made up of Japanese companies, although he declined to name them. He said the size of any potential investment would be dependent on the location for the resort and the final shape of the legislation.
Suncity Group, listed on the Hong Kong Stock Exchange, was founded in 2007 and has been engaged in a rapid expansion based on the success of its junket business. One of its most prominent recent moves was to ink a deal to provide management and consultancy services to the owners of the US$4 billion Hoiana Integrated Resort, which is due to open in Vietnam in Q4. The group also has a 34 percent equity stake in the project.
They are also involved in a casino project in Sihanoukville, Cambodia. Moreover, Suncity is even thought to be under consideration as a possible seventh concessionaire in Macau’s lucrative gaming market.
Macau’s VIP gaming sector is undergoing a cash crunch as customers withdraw billions of dollars in deposits due to concern about Beijing’s crackdown on capital flows for gambling purposes, Reuters reports.
Online lottery company 500.com said a special investigative committee (SIC) established to probe its role into an alleged bribery scandal in Japan found that there had been no violation of the Foreign Corrupt Practices Act.