Suncity Group’s Financial Woes Continue as Vietnam Subsidiary Defaults

March 25, 2022 Vietnam Crime & Legal

Suncity Group is finding its financial situation increasingly troubled. The casino investor and junket operator is already dealing with a number of problems, but a Vietnamese subsidiary defaulting on a loan makes matters worse.

Suncity has lost a lot of the traction it built over the past decades. That’s as a result of the arrest of its former boss, Alvin Chau, in Macau and the forced exit of junkets in the city. However, it managed to keep up appearances the past few months.

That is likely to change going forward. The revelation that one of its companies wasn’t able to make a loan payment on time could be a sign of more trouble ahead.

Suncity Faces Financial Troubles
After Macau authorities arrested Chau last year, Suncity lost a major source of backing. The gradual removal of junkets from the Chinese SAR’s landscape, where the company once controlled 40% of the segment, isn’t helping. The company reported yesterday that one of its arms is having financial difficulties.