Asia Casino

Asia Casino

December 2, 2021

Macau casino junket operator Suncity sinks further after Alvin Chau steps down as chairman

Suncity Group Holdings shares fell 16.7 per cent following the resumption of trading; suspends its travel-related businesses

Controlling shareholder Alvin Chau was arrested on the weekend over his alleged links with illegal cross-border gambling and a money-laundering syndicate

Shares of Suncity Group Holdings, Macau’s largest casino junket operator, fell 16.7 per cent on Thursday after its controlling shareholder Alvin Chau Cheok-wa stepped down as chairman.

Chau was arrested on the weekend over his alleged links with illegal cross-border gambling and a money-laundering syndicate.

The company has also halted its travel-related businesses because Sun City Gaming Promotion, a firm owned by Chau and its key supplier of hotel accommodation products, said it would stop supply. But the junket operator clarified that it does not own the VIP gambling business that has been suspended, as reported by Macau TV station TDM late on Tuesday.

Source: https://www.scmp.com/business/markets/article/3158105/macau-casino-junket-operator-suncity-sinks-further-after-alvin