GGRAsia – Suncity listco warns of widened 2019 loss

Suncity listco warns of widened 2019 loss

Mar 23, 2020 Newsdesk Latest News, Rest of Asia, Top of the deck

Hong Kong-listed Suncity Group Holdings Ltd says it expects a loss of CNY1.51 billion (US$212.3 million) for the fiscal year ended December 31, 2019, up from the CNY1.46-billion loss recorded in the previous year.

The listed entity is controlled by Alvin Chau Cheok Wa, who is also the boss of Macau’s privately-held junket brand Suncity Group. The junket brand is said by investment analysts to be the biggest-single investor in junket room operations in the Macau market. The listed firm does not count among its assets any profit streams from Macau junkets.

In its Friday filing, Suncity Group Holdings attributed the expected loss to the recognition of an impairment on interest in an associate; and losses in respect to change in fair value of investment properties, and in derivative financial instruments. The listed entity also attributed its expected loss to a deemed partial disposal of equity interest of an associate and deemed disposal of subsidiaries, as well as the share of loss of a joint venture, according to its latest filing.

Suncity Group Holdings offers hotel and casino resort consultancy services to developments in multiple Asian jurisdictions.

The firm has recently confirmed its participation in the development of casino resort project called “Westside City Resorts” in the Philippine capital, Manila. The firm also has an investment interest in the under-construction Hoiana, a large-scale casino resort located in central Vietnam; and has a leading stake in Summit Ascent Holdings Ltd, the promoter of the Tigre de Cristal casino complex in the Russian Far East.

Suncity Group Holdings is to announce its 2019 annual results on March 27, according to the firm’s latest filings to the Hong Kong bourse.