Business
December 13, 2021
Suncity May See Ownership Change as Creditors Come Calling
Suncity Group of Hong Kong, listed on the Hong Kong Stock Exchange, has indicated a possible change in control could be coming. The group holds interests and assets in integrated resort developments throughout Macau, Vietnam, Russia and the Philippines. However, the arrest of its former CEO, Alvin Chau, has virtually flipped the company upside down. […]
Business
December 10, 2021
Suncity Group Financial Situation Worsens as Trading Halted Again
Due to concerns about a possible default on a loan, both Hong Kong’s Suncity Group Holdings and Summit Ascent Holdings, a majority-owned subsidiary, were placed under a trading halt. The suspension came as the two companies announced the pending release of information that could hinder its future. Suncity Struggles to Find Solid Ground Trading in […]
Industry
December 10, 2021
Border Restrictions Easing Between Macau, Hong Kong and China
According to the South China Morning Post (SCMP), Beijing has given final approval for dropping its hard border with Hong Kong. This allows fully vaccinated Hong Kong residents to travel without quarantine to Guangdong Province or Macau. New Travel Rules Coming Soon After Hong Kong’s legislative elections on December 19, the scheme will go into […]
Industry
December 8, 2021
Macau’s Junket Days Reported to be Over
The world’s largest casino junket market could soon disappear. Reports this week claimed that Macau has called for a halt to junket operations. The SAR has also reportedly ordered junkets not to loan money to VIP clients. The End of a Junket Era in Macau Macau’s casino concessionaires could end all contracts with junket proponents, […]
Industry
December 7, 2021
Macau’s Casinos Report Slight Uptick in Revenue for Early December
Macau casino gross gaming revenues (GGR) increased 14% in the first week of December, according to a Monday note by brokerage Sanford C. Bernstein Ltd. Daily mass-market GGR rose by 20% compared with November’s daily average. December Starts Strong For Macau According to the brokerage, the average daily rate for GGR from December 1 through […]
Business
December 6, 2021
Craig Billings Confirmed as new Wynn Macau Boss Starting February
Wynn Macau confirmed that it will follow the US parent Wynn Resorts’ lead. It has decided to appoint Craig Billings to be the new CEO of the company once Matt Maddox leaves early next year. Billings Takes the Helm Billings will assume the role and will be redesigned from a non-executive director to an executive […]
Industry
December 6, 2021
Hong Kong Not Deterred by Omicron As Travel Restrictions to be Lifted
In a significant step towards opening its borders to mainland China and Macau, the Hong Kong government announced that it will open the new “Hong Kong Health Code” system for registration starting this Friday, December 10. Hong Kong Recovery Continues The new system, which aligns with the respective health code tracking systems of the three […]
Industry
December 3, 2021
Macau Confirms Closure of Suncity VIP Rooms in the City
Macau’s gaming regulator has confirmed Wednesday night that all VIP gaming rooms operated by Suncity Group, a junket operator in Macau, have been closed. Alvin Chau, the now-former head of the junket operator, was arrested on Saturday for allegedly organizing illegal gambling, including online gambling, via the Philippines, China, and other countries. Suncity Grinds to […]
Industry
December 2, 2021
Casinos in Macau Continue to See Sporadic Results
Macau casinos won $844 million from gamblers last month. This is a 0.01% increase over November 2020, but an improvement of 55% over October. However, with Suncity Group announcing it’s shutting down operations, the revenue could see another big drop. Macau Casinos Continue Along Uncertain Path The six Macau-licensed commercial casino operators enjoyed their best […]
Business
December 1, 2021
Alvin Chau Relinquishes Control of Suncity from a Macao Jail Cell
Alvin Chau announced that he was stepping down from his role as CEO of Suncity Group Holdings Limited in Macau. The billionaire made his announcement yesterday while sitting in a Macao jail on charges he ran a cross-border illegal gambling ring through his legal operations. Chau Out at Suncity Chau is facing multiple criminal charges […]