Business
March 30, 2022
Suncity Group 2021 Report Casts Doubts on Company’s Future
Suncity Group, the junket operator at the core of money laundering issues for Australian casino operators Crown and Star, released its full year 2021 financial results, stating that the business can continue operating in the next 12 months on a going concern basis. Material Uncertainties on Ability to Continue as a Going Concern The group […]
Legal
March 28, 2022
PAGCOR Investigation Leads to Suspension of Suncity Group’s License
Suncity Group has been deemed as unsuitable to hold a license to operate Philippines junkets after an investigation in which customers were complaining about the company withholding funds from them. This represents the culmination of the investigation that was launched by PAGCOR back in August 2021. The Evidence Was Substantial According to the Gaming Regulator […]
Casino
March 28, 2022
The Philippines Suspends Suncity Group License, Offers Recovery Option
The Philippines has faced numerous challenges in regard to its gambling industry of late. The recently-regulated e-sabong vertical has turned out to be permeated by corrupt policemen and officials, leading to a spate of crimes. Yet, the Philippines has been actively trying to do the right thing on all levels of the industry and the […]
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 […]
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 […]
Business
November 30, 2021
Suncity Denies iGaming Involvement as Alvin Chau Investigation Expands
The saga involving Alvin Chau and Suncity Group, the company that he turned into the largest junket operator in the world, is only getting started. As investigations continue in China and Macau, and possibly elsewhere, there’s no telling how deep the impact will be. For its part, Suncity denies all of the allegations, although convincing […]
Business
August 17, 2021
PAGCOR Investigates Suncity Group Over Missing Player Deposits
Suncity Group may have tripped over itself. The junket operator, and backer of a multimillion-dollar resort project in the Philippines, is reportedly under investigation by the Philippines Amusement and Gaming Corp. (PAGCOR) after allegedly receiving complaints from some of Suncity’s customers that they haven’t been able to withdraw their funds. While delays and technical glitches […]