Suncity releases video denying recent accusations

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, which it called “extremely absurd and unreasonable”. 

“Deeply rooted in Macau with wholehearted devotion to the Motherland, Suncity Group never supports any actions that may jeopardize the country.”

The company also addressed rumors that law enforcement authorities currently are in possession of customer information of the Suncity VIP Club. Chau emphasized that the group has never received any request from overseas or mainland China requesting customer demand information and that any customer information is subject to Macau’s Personal Data Protection Act.

Finally, Chau addressed rumors that the company has been struggling financially. In the video, Chau disclosed the company’s total fiscal reserve (HK$10.6 billion), with total cash flow in cages in the daily operation of the VIP club at HK$18.6 billion, along with a total deposit of HK$16.5 billion in two Macau banks. 

“The Group’s total assets can absolutely be used to offset all chip deposits of all clients, foreseeable losses, and bad debts.”

“Suncity Group has completely abided by the law in operating tourism and gaming business in Macau. The Group has neither any colleagues stationed nor participated in any gaming-related duty in Mainland China. All employees, funds and systems are entrenched in Macau, and in other countries that can operate VIP Club business legally.”

“Even confronting the COVID-19, Suncity Group spares no effort in complying with the policy of the Central Government and as well as the Macao SAR Government, staying true to the spirit of this year’s NPC & CPPCC Annual Sessions of ensuring economic and social stability. Until this very moment, Suncity Group has not laid off any Macau employee due to financial pressure. The Group remains resolute in the commitment to achieve a prosperous future together with Macau.”

Related Articles

Suncity bid includes federating with Wakayama yachting community

The Suncity Group is establishing links with the yachting community of Wakayama as part of its bid to be selected as a partner by the prefecture and to help win an IR license for the Marina City candidate site.

Suncity and Clairvest compete for Wakayama IR

As expected, both the Suncity Group and the Clairvest Group have filed their proposals to be selected as the IR operator partner of the Wakayama Prefectural Government.

Wakayama to choose its operator partner in the spring

Wakayama Prefecture is collecting final documents from the two accepted operator bidders, Suncity Group and Clairvest Neem, with the intention of making its selection of its operator partner this spring.
Hoiana

Suncity expansion plans to fire ahead

While the pandemic may have brought tourism to a standstill, Suncity Group Holdings is showing no indication of slowing down its expansion plans in tandem, announcing an ambitious range of targets for 2021. 

Suncity announces development of Hokkaido resort

In a New Year message, the Suncity Group let drop that, in addition to other projects it has previously announced, it is also engaged in building a luxury resort in the ski resort of Niseko, Hokkaido.

Suncity says Suntrust unit raises US$268.6 million for Manila project

Suncity Group Holdings says its Suntrust Home Developers unit has raised a total of PHP12.9 billion ($268.6 million) through the issue of convertible bonds to finance the development of an integrated resort in Manila.

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.