International Entertainment Corp – a Hong Kong-listed company that in January last year said it was interested in buying a 70-percent economic interest in Macau junket investor Suncity International Holdings Ltd – stated in a filing on New Year’s Eve that it was allowing the exclusivity clause on the would-be deal to lapse as of midnight that day.
It added: “The board is still reviewing the company’s position in relation to the possible acquisition and will make further announcement(s) as and when appropriate”.
Shares of International Entertainment seesawed wildly on Tuesday – apparently on speculation relating to the possible Suncity deal. The stock rose 50.87 percent by the end of Hong Kong trading on Tuesday to close at HKD2.61 (US$0.34), after falling 19 percent the previous day.
In morning trading on Friday, the stock stood at HKD2.85 per unit by 11.10am, down 8.65 percent on the previous close.
International Entertainment is controlled by the family of Hong Kong billionaire Cheng Yu Tung, who has been a long-term business partner of Stanley Ho Hung Sun, founder of Macau casino concessionaire SJM Holdings Ltd.
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”China has been strengthening the control over capital flow, and the impact of that has already been reflected [on Macau’s gaming revenue trend]. There should not be any bigger impact from the new… legislation [on the mainland] … on the gaming revenue trend here”
Wilfred Wong Ying Wai
President of Macau casino operator Sands China