Stock Groups

Trading in shares of Macau’s Suncity Group, unit Summit Ascent suspended -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: A emblem of Macau’s Suncity Group is seen at a gaming honest in Macau, China November 18, 2015. REUTERS/Bobby Yip/File Photograph

HONG KONG (Reuters) -Buying and selling in shares of Macau’s Suncity Group Holdings Ltd and its unit Summit Ascent Holdings Ltd had been suspended on Thursday, days after its chief government was arrested over alleged hyperlinks to cross-border playing.

The Hong Kong inventory alternate gave no additional particulars on the suspension.

It comes after embattled junket big Suncity, which is separate to the listed entity and likewise operated by the dad or mum group’s chief government, Alvin Chau, closed all of its VIP playing rooms in Macau after Chau was arrested.

Chau’s junket operations are estimated to have accounted for 1 / 4 of Macau’s playing income.

The closure of Chau’s gaming rooms is predicted to exacerbate ache for on line casino operators within the playing hub and would result in closures in different areas of the group similar to eating places, bars and resorts.

In the meantime, Macau’s gaming regulator has ordered junket operators within the former Portuguese colony to cease providing credit score to clients, in response to brokerage agency Bernstein.

Individually, Bloomberg Information reported on Tuesday, citing unidentified sources, that Wynn and Melco would shut their junket rooms by Dec. 20 and Dec. 21.

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