Suncity listco calls time on travel business

April 4, 2022 Hong Kong Events & Announcements

Hong Kong listed Suncity Group says it has decided to permanently cease its travel and related businesses segment, effective immediately, due to the impact of COVID-19 and the loss of its biggest client – Macau junket operator Sun City Gaming Promotion Company Limited (SCGPCL).

The segment had already been put on hold since December after Alvin Chau, who served as both Chairman of the listed group and CEO of SCGPCL, was arrested and detained by Macau authorities. SCGPCL subsequently announced that it was ceasing junket operations and shutting down its VIP rooms.

In a Friday filing, Suncity Group said it had decided to terminate its travel segment as “SCGPCL has been unable to supply hotel accommodation products to the Group since 1 December 2021. It also cited the recent sale of an aircraft previously used to transport VIP customers as well as “the continual adverse impact on [the] travel business by COVID-19.”