Suncity Group Board Proposes Name Change as It Tries to Escape Dirty Past

July 19, 2022 Macau Events & Announcements Industry Updates

Suncity Group hopes a new name will help it separate itself from its dubious past, as well as its former leader, Alvin Chau. Formerly the largest junket operator in Asia, the company may soon change to LET Group Holdings Limited.

A filing with the Hong Kong Stock Exchange (HKSE) indicates that the name is an intentional acronym. L stands for leisure, E for entertainment and T for taste. The company’s board is recommending the change, with the idea that the new name will better reflect its operations.

This is the second considerable name change for Suncity. This past April, its Sun Entertainment Group Ltd moved to rename the business Yeah Yeah Group Holdings.

Out of Sight, Out of Mind
Suncity Group fell on hard times after police in Macau arrested Chau for allegedly running a massive money-laundering operation through his interaction with casinos. That came immediately after Macau received a massive blow from COVID-19, which greatly impacted revenue opportunities for the city’s casino industry.

Since then, the company has lost partners, as well as its reputation. It has been looking for ways to reduce costs, as it simultaneously sought ways to put itself back in a positive light in the global gambling ecosystem.