Suncity Group and Summit Ascent have issued a trading halt with effect from on Friday, 13 May 2022.
Star Entertainment was accused Monday of potentially having broken New South Wales’ Unlawful Gambing Act by allowing Suncity Holdings to operate a casino within a casino.
Suncity Group Holdings executive director Andrew Lo is the new majority shareholder in the group after former CEO Alvin Chau offloaded his stake.
Star Entertainment’s chief legal counsel has revealed that serious concerns about junket operator Suncity may have been discussed with the board in un-documented calls.
Suncity Group Holdings said it has terminated its travel and related-services business, which accounted for 12.6 percent of its revenue.
Suncity Group Holdings said 2021 was a “dark year” in the country’s history, but it continues to see opportunities in Asia and views its investment in the Philippines as being a bright spot.
Star Entertainment allowed Suncity to continue operating a junket operation from its Sydney casino, even after its CEO Matt Bekier had told the market in 2019 that it was ending the relationship.
Suncity Group Holdings said it expects to report a loss of not less than HK$526.5 million for 2021 and said a joint venture company to which it lent money is in default on a loan.
The abrupt unraveling of Macau’s Suncity late last year following the arrest of its CEO Alvin Chau took everyone by surprise and none more so than long-time Asia executive Michael French.
The arrest of Suncity CEO Alvin Chau and subsequent unraveling of his empire in late 2021 sent shockwaves through the industry. In this week’s Face-to-Face interview we speak with long-time Asia casino executive Michael French, who had joined just a year prior to Macau's junket crackdown in November 2021.