Shares of Macau gambling group Suncity halted for second time in 3 days

0
17



FILE PHOTO: A logo of Macau junket operator Suncity Group is seen at a gaming fair in Macau, China November 18, 2015. REUTERS/Bobby Yip/File Photo

December 1, 2021

HONG KONG (Reuters) -Trading in shares of Macau gambling group Suncity Group Holdings Ltd was suspended in Hong Kong on Wednesday, according to the Hong Kong stock exchange, as worries over a crackdown in the world’s largest gambling hub grew.

It was the second trading suspension in three days for the stock. The exchange gave no further details on the halt and it was not immediately clear whether the company requested the halt or whether the bourse asked for it.

Alvin Chau, founder of Suncity Group, a conglomerate with interests that span gambling to property, was arrested by Macau police on Sunday.

Suncity Group – which has a broad range of interests in the gambling sector but does not include Chau’s junket operations – said on Monday Chau, who is both CEO and chairman, intended to resign. A junket operator brings in high rollers to play at casinos.

Macau media reported on Wednesday that Suncity Group would close all of its VIP gaming rooms in Macau casinos as of Dec. 1, and cease salary payments for at least one-third of its Macau staff.

Suncity Group did not immediately respond to a Reuters request for comment.

Its shares were suspended from trading on Monday. The stock plunged 48% on Tuesday to a record low when trading resumed.

(Reporting by Donny Kwok; Editing by Tom Hogue and Muralikumar Anantharaman)





Source link