The trading of shares in ‘Suncity Group Holdings’ has been put on hold once more. This follows the company’s declaration of the closure of its exclusive high-roller rooms. The closure came after the apprehension of the company’s former head, Alvin Chau.
Following the Macau Public Prosecutions Office’s authorization of forceful actions against Chau, he declared his departure from both Suncity and Summit Ascent. He cited the “seriousness of the aforementioned offenses” as the reason for his resignation.
The Macau government revealed that Chau and ten others were taken into custody on November 27th. They were accused of establishing a gambling ring that spanned borders. They were also charged with illegally facilitating Chinese citizens’ participation in high-roller gambling outside of China.
Suncity Group Holdings, a prominent operator of high-roller rooms in Macau, resumed its stock trading a day after Chau’s arrest. However, it has been halted once again.
Both Suncity and Summit Ascent have stated that neither company has been informed of any investigation into the company or any of its subsidiaries, directors, or employees.
After the announcement, the trading of shares for Suncity and its subsidiary Summit Ascent (which manages the Tiger Crystal Resort in Vladivostok, Russia) was halted. This was done pending further announcements.
However, Suncity announced today (December 1st) that its stock trading on the Hong Kong Stock Exchange has been suspended again. They cited “an announcement regarding news reports on the Macau VIP business that is pending release.”
The Macau administration declared today that the Gaming Inspection and Coordination Bureau (DICJ) has been notified that Suncity Group will discontinue its high-roller room operations starting today (December 1). These operations are situated in VIP rooms at all six of Macau’s gambling concessionaires. The DICJ further stated that they cannot provide any remarks on the current situation.
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