Suncity says 2021 “dark year,” sees Philippines as a bright spot

March 31, 2022 Philippines Earnings & Filings Industry Updates

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.

The Hong Kong-listed group posted a loss of HK$258.2 million for the year, compared with a profit of $884.7 million in 2020 and said that Covid continues to hit all areas of its business. More recently, Russia’s invasion of Ukraine and the ensuing sanctions will affect the group’s Tigre de Cristal resort in Vladivostok, although management said as yet, the impact is unknown.

As a result of the ongoing travel disruptions due to Covid, Suncity said it’s in survival mode, cutting all but essential costs and shedding non-core businesses, such as a property business in Mainland China and the group’s aircraft. It may also consider selling two land parcels in Japan.

Suncity, whose founder and CEO Alvin Chau was arrested late last year on charges of organizing illegal gambling, has a stake in Vietnam’s newest integrated resort, the Hoiana, and is developing Westside City in Manila’s Entertainment City.

The company said this latter project offers the most potential for the group.