• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Alvin Chau firm lending Suncity listco up to US$190mln

Apr 09, 2019 Newsdesk Latest News, Macau, Rest of Asia, Top of the deck  


Alvin Chau firm lending Suncity listco up to US$190mln

Suncity Group Holdings Ltd, a Hong Kong-listed vehicle controlled by Macau casino junket investor Alvin Chau Cheok Wa (pictured), is to borrow up to HKD1.5 billion (US$191.2 million) on an unsecured basis, from an entity wholly owned by him.

The purpose of the loan – at 3.5-percent annual interest – is to fund the listco’s “daily operations, mergers and acquisitions, investments, business development and other corporate purposes,” said Monday’s filing.

The loan – via Star Hope Ltd, a British Virgin Islands-registered firm – is due to mature on the fifth anniversary of the first drawdown date, according to the announcement

Suncity Group Holdings made a loss of almost CNY1.46 billion (US$217.4 million) last year, it said in a filing on March 29.

The Suncity brand is best known for supplying high-value Chinese casino gamblers to the Macau market, but the listed company – which does not include any profit streams from Macau gambling junkets in its filed accounts – has been increasing its gaming investments into markets beyond Greater China.

In late February, the privately-held Suncity Group, also controlled by Mr Chau, confirmed in a press release that the listco had acquired an equity position in Hong Kong-listed Russian casino operator Summit Ascent Holdings Ltd, which runs the Tigre de Cristal casino resort near the Russian Pacific port city of Vladivostok.

The announcement followed the December appointment of Andrew Lo Kai Bong, the chief investment officer of privately-held Suncity Group, as a non-executive director at the operator of the Russian casino. Mr Lo is also an executive director of Suncity Group Holdings.

A December 12 filing from Summit Ascent confirming Mr Lo’s appointment said that Suncity Group Holdings had – as of that date – a 3.29 percent holding in Summit Ascent.

Also in late February, Suncity Group Holdings stated in a filing that a wholly-owned subsidiary had a non-legally binding memo about possible cooperation with Paradise Co Ltd, an operator in South Korea of foreigner-only casinos.

It related to Paradise Casino Busan. Busan is a port city on the southeast coast of the Korean peninsula, and is only 90 minutes by air from the Japanese city of Osaka.

In Southeast Asia, Suncity Group Holdings is providing hotel and casino resort consultancy services to developments in Vietnam and Cambodia promoted by third parties. Those resorts are still under construction.

Additionally, last August, the company bought the entire equity interest in Star Admiral Ltd, which indirectly owns about 34 percent of the Hoiana casino resort being built in Hoi An in the central Vietnamese province of Quang Nam. The property will have more than 1,000 hotel rooms, 140 gaming tables and more than 300 slot machines when the first phase is finished later this year.


  • tweet
Related articles
  • Foreign tourists can get S.Korean peninsula visa from June 1
    Foreign tourists can get S.Korean...

    May 20, 2022  

  • Andrew Lo takes controlling stake in Suncity, Summit Ascent
    Andrew Lo takes controlling stake in...

    May 19, 2022  

More news
  • Crown Resorts’ shareholders nod Blackstone bid
    Crown Resorts’ shareholders nod...

    May 20, 2022  

  • JP Morgan ups Aristocrat profit forecast 8pct for FY2022
    JP Morgan ups Aristocrat profit...

    May 20, 2022  


Latest News

Foreign tourists can get S.Korean peninsula visa from June 1

Foreign tourists can get S.Korean peninsula visa from June 1

May 20, 2022  

South Korea on Thursday said it would from June 1 resume issuing short-term tourism visas for trips to the country’s mainland, for individual visitors and groups of tourists. Permits for...
Read More
Crown Resorts’ shareholders nod Blackstone bid

Crown Resorts’ shareholders nod Blackstone bid

May 20, 2022  

JP Morgan ups Aristocrat profit forecast 8pct for FY2022

JP Morgan ups Aristocrat profit forecast 8pct for FY2022

May 20, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”[Revenue at Okada Manila] will be around 80 percent of the pre-pandemic level in 2022 before recovering almost fully in 2023"

Satoru Aoyama, Akash Gupta and Kalai Pillay

Analysts at credit rating agency Fitch



Most Popular

  • Foreign tourists can get S.Korean peninsula visa from June 1Foreign tourists can get S.Korean peninsula visa from June 1 May 20, 2022
  • Crown Resorts’ shareholders nod Blackstone bidCrown Resorts’ shareholders nod Blackstone bid May 20, 2022
  • Wynn CEO, Macau execs in base pay cut in return for sharesWynn CEO, Macau execs in base pay cut in return for shares May 17, 2022
  • Andrew Lo takes controlling stake in Suncity, Summit AscentAndrew Lo takes controlling stake in Suncity, Summit Ascent May 19, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us