May 23, 2019 Newsdesk Latest News, Macau, Top of the deck
Suncity Group, an investor in VIP gaming in Macau, will be title sponsor of the Macau Grand Prix for the sixth year in a row, the organisers of the motor racing event say.
The coordinator of the Macau Grand Prix Organising Committee, Pun Weng Kun, and Suncity Group executive Gina Lei signed the sponsorship agreement on Wednesday and officiated at a cheque presentation ceremony.
The agreement provides that the event this year will be called the Suncity Group 66th Macau Grand Prix.
The statement failed to disclose how much Suncity Group was paying for the privilege but members of the organising committee told a news conference on Wednesday that Suncity Group would contribute MOP25 million (US$3.1 million). The event’s 2019 edition has an estimated budget of MOP270 million.
The Macau Grand Prix will be held from November 14 to 17, and comprise six races for cars or motorcycles.
Investment analysts consider Suncity Group, led by Alvin Chau Cheok Wa, to be one of the biggest investors in gambling junkets in Macau.
This week Suncity Group representative Andrew Lo Kai Bong told Portuguese news agency Lusa that the group was interested in bidding for a casino gaming concession in Macau.
The Suncity brand is best known for supplying high-value Chinese casino gamblers to the Macau market through privately-held Macau junket business Suncity Group. The junket business is described by many investment analysts as the predominant junket brand in the city when measured by estimated VIP rolling chip volume and contribution to VIP gross gaming revenue.
Suncity Group Holdings Ltd – the Hong Kong-listed company controlled by Mr Chau – has invested in new-build resorts such as Hoiana in Vietnam, due to open later this year, or Tigre de Cristal in Russia, with a second phase currently under planning. It also has deals for managing third-party-controlled properties in markets such as Cambodia.
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”The [Macau] month-to-date run-rate represents an approximately 45-percent recovery versus pre-Covid-19 levels for headline gross gaming revenue”
DS Kim and Mufan Shi
Analysts at brokerage JP Morgan Securities