• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 18 September 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Suncity listco says Alvin Chau to step down as CEO, warns of potential funding gap

Ben Blaschke by Ben Blaschke
Tue 30 Nov 2021 at 04:27
Alvin Chau

Alvin Chau

169
SHARES
4.2k
VIEWS
Print Friendly, PDF & Email

Hong Kong-listed Suncity Group Holdings has warned of potential adverse impact to the company’s operations and financial position after revealing its majority stakeholder Alvin Chau will stand down as CEO and director.

In a filing late Monday in which it also confirmed that a 47-year-old man named Chau arrested by Macau authorities over the weekend was indeed its CEO, Suncity revealed that Chau “has indicated his intention to resign from the posts of the chairman of the Board and an executive Director of the Company.”

But it also pointed to the financial support Chau has provided the group in recent times as crucial to fulfilling its ongoing development commitments in Vietnam, the Philippines and Russia. That support included agreeing in August 2020 to exchange existing shareholder loans worth HK$3.88 billion (US$500 million) for perpetual securities and a commitment to inject another HK$6 billion (US$775 million) in the form of additional perpetual securities.

Suncity said at the time that those additional funds would be used to finance Suncity’s integrated resort projects, including Hoiana in Vietnam, Russia’s Tigre de Cristal and its US$1 billion hotel and casino development at Westside City Resorts World in Manila.

Chau’s arrest by Macau authorities on Saturday came a day after China’s Wenzhou Public Security Bureau issued an arrest warrant of its own for the Suncity boss, accusing him of “opening casinos in China” via the operation of cross-border gambling operations on behalf of Suncity Gaming Promotion Company Limited (SCGPCL).

In Monday’s filing, Suncity noted that SCGPCL, which is wholly-owned by Chau, “is a key supplier of hotel accommodation products to the Group under its travel and related business segment,” with revenue from the sale of hotel accommodation products to SCGPCL in the 12 months to 30 June 2021 totalling RMB25.9 million (US$4.1 million), representing 17.4% of the total revenue of the group.

“In the event of any inability of SCGPCL to provide hotel accommodation products to the Group, and the Group is unable secure alternative supplies, the travel related businesses segment of the Group will be adversely affected,” Suncity said.

However, the company denied reports that Tigre de Cristal has been involved in cross border-gambling activities by sending officers to solicit customers in China for its gaming operations.

“The Board would like to clarify that such allegation is untrue,” it said. “None of the directors, officers or staff of any members of the Group has engaged in the solicitation for customers in the PRC for the gaming operations of Tigre de Cristal.”

Suncity added, “As at the date of this announcement, so far as the Board is aware, other than Mr Chau, neither the Company nor any of its subsidiaries nor any director, officer or staff of any member of the Group is under any investigation and/or charges in connection with the incident.”

RelatedPosts

Macau GGR hits MOP$19.8 billion in August, up 6% month-on-month

Government figures indicate Macau’s gaming industry recorded US$17.9 billion surplus in 2024

Wed 17 Sep 2025 at 18:04
Melco’s Tokyo office raided by Public Prosecutor as Akimoto scandal deepens

Melco prices new notes offering at US$500 million

Wed 17 Sep 2025 at 06:16
The changing face of Macau

Melco to launch private hospital at Macau’s Studio City as part of 10-year non-gaming concession commitment

Wed 17 Sep 2025 at 05:06
Police arrest 100 people after detecting 62 cases of illegal money exchange in joint Macau operation

Police arrest 100 people after detecting 62 cases of illegal money exchange in joint Macau operation

Mon 15 Sep 2025 at 22:58
Load More
Tags: Alvin ChauarrestChinacross-border gamblingHoianaJunketsMacauSuncity GroupTigre de CristalVIP
Share68Share12
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Evolution Asia
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
NWR

Related Posts

10 Years Ago – Reimagining Sri Lanka

Sri Lankan cabinet approves budget proposal to increase betting levy, double casino entry for locals

by Newsdesk
Thu 18 Sep 2025 at 02:27

The Sri Lankan cabinet has approved a proposal in the country’s 2025 budget that will see the betting levy increased and casino entry fee for locals doubled. According to a report by local business media outlet Economy Next, Cabinet Spokesman...

CDC Gaming announces reimagined Day Zero Party including “10 Women Rising in Gaming” presentation at Resorts World Las Vegas’ Allē Lounge on 66, on 5 October 2025, the Sunday prior to G2E

CDC Gaming announces reimagined Day Zero Party including “10 Women Rising in Gaming” presentation at Resorts World Las Vegas’ Allē Lounge on 66, on 5 October 2025, the Sunday prior to G2E

by Newsdesk
Thu 18 Sep 2025 at 02:08

CDC Gaming, the premier source of news, commentary and analysis for the gaming industry in the Americas and sister company to Inside Asian Gaming, has announced a revamped, reimagined and refreshed Day Zero Party ahead of this year’s Global Gaming...

Wynn says UAE development contribution to total around US$900 million as Thailand opportunity looms large

Cryptocurrency payments, smart table rollout across all games among technology innovations being planned at Wynn Al Marjan Island

by Ben Blaschke
Thu 18 Sep 2025 at 02:01

Wynn Al Marjan Island is looking to open with smart gaming tables installed across all or most of its gaming areas and payment options that include cryptocurrencies, the company has revealed. David Patent, Executive Vice President, Gaming Operations at Wynn’s...

Interview with Newport World Resorts’ Nilo Thaddeus Rodriguez

Interview with Newport World Resorts’ Nilo Thaddeus Rodriguez

by Newsdesk
Wed 17 Sep 2025 at 19:04

IAG sat down with Nilo Thaddeus Rodriguez – the President and CEO of Newport World Resorts – to discuss the property’s recent market share gains and what new features and attractions we can expect to see in the coming months.

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文
  • 日本語

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English
  • 日本語