Suncity soars 137pc on resumption of trading

July 8, 2022 Macau Earnings & Filings Industry Updates

Shares in Macau junket operator Suncity (1383) jumped by 137 percent after they resumed trading for the first time in nearly two months as the firm said executive director Andrew Lo Kai-bong was its new majority shareholder.

The company’s previous chairman, Alvin Chau, faces charges including illegal gambling and money laundering and is due to be tried in September in the world’s biggest gambling hub Macau. Chau has been detained pending his trial, while Suncity has denied wrongdoing.

Lo, the assistant to Chau, 42, joined the firm on March 9, 2017, as an executive director. He is also the brother-in-law of Chiu King Yan, the chief financial officer, and the company secretary.

Separately, Wynn Macau (1128) is seeking to create a new senior management role to strengthen its leadership after the departure of two top executives.

The casino operator appointed headhunters for a new chief marketing officer position, with an emphasis on candidates with a deep understanding of the Chinese culture and market that contributes to the majority of the company’s customer base, a source said.