Suncity Group Stock Halted Again Following Closure of Exclusive Gaming Areas

The trading of ‘Suncity Group Holdings’ stock has been halted once more, following the company’s declaration of the closure of its exclusive gaming areas after the apprehension of its previous chairman, Alvin Chau.

Suncity Group Holdings, a prominent operator of exclusive gaming areas in Macau, had recommenced trading just a day after Chau’s arrest, but has now been suspended again.

The Macau authorities declared the arrest of Chau and ten of his associates on November 27, accusing them of establishing a cross-border gambling organization and illicitly facilitating Chinese citizens to participate in exclusive gaming areas abroad.

Subsequent to the news, trading in both Suncity and its subsidiary Summit Ascent, which manages the Tigre de Cristal resort in Vladivostok, Russia, was suspended.

After the Macau Public Prosecutor’s Office authorized the detention of Chau, he declared that he would step down from his positions at Suncity and Summit Ascent.

Both Suncity and Summit Ascent have asserted that neither company has been informed of any inquiry into the company or any of its subsidiaries, directors, or employees.

However, Suncity announced today (December 1) that its shares on the Hong Kong Stock Exchange would be suspended again, citing “an announcement regarding news reports on the Macau exclusive gaming business.”

Authorities in Macau have declared that Suncity Group will be closing its high-roller gambling areas beginning this morning, December 1st. This decision affects all six of Macau’s gaming licensees. The Gaming Inspection and Coordination Bureau (DICJ) has verified this information but has refrained from providing any statements regarding the current situation.

Comments

No comments yet. Why don’t you start the discussion?

Leave a Reply

Your email address will not be published. Required fields are marked *