• 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 loan to HK-listed entity as losses mount

Aug 28, 2018 Newsdesk Latest News, Macau, Rest of Asia, Top of the deck  


Alvin Chau loan to HK-listed entity as losses mount

Hong Kong-listed Suncity Group Holdings Ltd reported a net loss of nearly CNY1.65 billion (US$241.8 million) for the first half of 2018, compared with CNY632.3 million in the prior-year period. The company is linked to Alvin Chau Cheok Wa (pictured in a file photo), who controls Macau junket investor Suncity Group.

The company said in a Monday filing that – after the reporting period – it obtained a loan of HKD400 million (US$51 million) from a “related company” owned by Mr Chau.

“The facility is unsecured, interest bearing at 3.5 percent per annum, and repayable after 60 months from the date of facility,” said Suncity Group Holdings. The firm added that it had already withdrawn HKD176 million from such loan.

Suncity Group Holdings does not contain the profit streams of junket operations for privately-held Suncity Group in its declared assets but is nonetheless linked to Mr Chau, the founder of the junket brand. The brand is said by investment analysts to be the largest-single investor in junket room operations in the Macau market.

In Monday’s filing, the Hong Kong-listed entity said that despite its revenue increasing 25.9 percent year-on-year to CNY456 million; its cost of sales grew much quicker in the six months to June 30, increasing 77.3 percent year-on-year to CNY279.2 million.

Suncity Group Holdings said additionally that the significant increase in loss was mainly attributable to the increase in loss of approximately CNY944.1 million “in respect of the change in fair value of derivative component of convertible bond”.

On August 1 Suncity Group Holdings said in a filing it had again delayed completing the purchase of 34 percent of a casino resort project in Vietnam, telling the Hong Kong bourse it had put back the deadline for completion to August 31.

Mr Chau’s side announced the HKD600-million deal in July last year.


  • tweet
Related articles
  • Suncity listco to sell some units, US$16mln gain expected
    Suncity listco to sell some units,...

    May 11, 2022  

  • Possible US$637mln loan via STDM to shore SJM: mgmt
    Possible US$637mln loan via STDM to...

    May 04, 2022  

More news
  • Wynn Macau Ltd asks managers to take 10pct wage in stock
    Wynn Macau Ltd asks managers to take...

    May 24, 2022  

  • Macau op debt to hit US$25bln unless travel eased 2H: MS
    Macau op debt to hit US$25bln unless...

    May 24, 2022  


Latest News

Wynn Macau Ltd asks managers to take 10pct wage in stock

Wynn Macau Ltd asks managers to take 10pct wage in stock

May 24, 2022  

Macau gaming operator Wynn Macau Ltd is asking some management-level staff to volunteer to take 10 percent of their monthly base pay in the form of company stock, according to a notice recently sent...
Read More
Macau op debt to hit US$25bln unless travel eased 2H: MS

Macau op debt to hit US$25bln unless travel eased 2H: MS

May 24, 2022  

Outbound group tours still paused: China immigration

Outbound group tours still paused: China immigration

May 24, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”Resorts World Sentosa is now looking at broadening its customer base to those who engage in casual play for entertainment"

Tan Hee Teck

Genting Singapore’s president and chief operating officer



Most Popular

  • Macau GGR tax cut idea tied to China outlook: brokerageMacau GGR tax cut idea tied to China outlook: brokerage May 23, 2022
  • Review saw no irregularity in Levo Chan link: Macau LegendReview saw no irregularity in Levo Chan link: Macau Legend May 23, 2022
  • Manila Westside launch aim still 2024: SuntrustManila Westside launch aim still 2024: Suntrust May 23, 2022
  • RWS seeking to expand gaming customer base: execRWS seeking to expand gaming customer base: exec May 24, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us