Suncity Group to use fiscal reserves to cover shareholder losses

Casino and junket operator Suncity Group on Tuesday announced fiscal measures to “enhance shareholders’ confidence” in the group’s future prospects. 

In a note sent to shareholders, Suncity Group said that it will be using its fiscal reserves to exempt shareholders from loss recorded from February to May 2020.

The company also plans to fully pay its own employees’ salary using these fiscal reserves starting from the month of June up to 2020 Q4 or January 2021. 

Suncity added that its original scheme of dividend calculation will resume when the pandemic is under control and business back on track. 

“It is not an easy decision for both myself and Suncity Group, and I urge you, my fellow shareholders, to continue to stand together with the group as we march towards the long-term objective of prosperity. The group will continue its effort to minimize the loss sustained by shareholders during the pandemic as we deeply appreciate all your support, especially during these hard times,” wrote Suncity CEO and director Alvin Chau.

“Both the Central Government and the Macao SAR Government spared no effort in the fight against the pandemic, and the results are evident to all. I truly believe, after the pandemic, Suncity Group’s businesses in Macau, as well as overseas, will continue to shine and prosper,” he added. 

Felix is the Asia Editor and Events Director of the Asia Gaming Brief. He has over a decade of experience developing conferences for industries including gaming, telecoms, investment, biotechnology, and mining. He has developed some of the most well-known conferences for the Asian gaming industry, most recently being the ASEAN Gaming Summit, the Australasian Gaming Seminars, and the Mekong Gaming Summit. Felix covers gaming technology and innovation and is passionate about developing engaging and eye-catching content for the industry.