Stock Groups

Shares of Macau gambling group Suncity halted for second time in 3 days -Breaking

by Mike Robinson

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HONG KONG (Reuters] -Traders in Macau gambling group Suncity Group Holdings Ltd were suspended in Hong Kong on Wednesday due to growing concerns about a crackdown in this world’s biggest gambling hub.

This was the second suspension of trading for the stock in the space of three days. There were no additional details from the exchange about the halt. It wasn’t immediately clear if the company asked for the halt, or if the bourse requested it.

Alvin Chau founder of Suncity Group was detained by Macau police Sunday.

Suncity Group, which is a multi-faceted company with interests in gambling but doesn’t include Chau’s junket operation, announced Monday that Chau, the CEO and chairman of Suncity Group, would be resigning. Junket operators bring high-rollers to the casinos.

Macau media reports that Suncity Group has decided to close its Macau VIP gaming rooms as of December 1, while ceasing salary payments for its Macau staff.

Suncity Group didn’t immediately reply to a Reuters inquiry for comment.

The trading of its shares was suspended on Monday. When trading resumed, the stock fell 48% to an all-time low.

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