Andrew Lo takes control of Suncity Group

Alvin Chau Cheok Wa has transferred his controlling stake in Suncity Group and Summit Ascent to Andrew Lo Kai Bong.

Macau.- Alvin Chau Cheok Wa has transferred his controlling stake in both Suncity Group and its majority-owned Summit Ascent Holdings to the company’s executive director Andrew Lo Kai Bong. No price details were disclosed.

Fame Select, a joint venture between Chau and a business partner, transferred its stake to Lo last Friday. the transfer also included bonds convertible into Suncity shares. Suncity holds a 69.66 per cent interest in Summit Ascent.

Chau was arrested in November 2021 as part of an investigation into an illegal cross-border gambling syndicate. He stepped down as chairman of both Suncity Group and Summit Ascent in early December.

Suncity Group has interests in the Hoiana integrated resort in Vietnam and is developing a US$1bn hotel and casino at Westside City Resorts World in Manila’s Entertainment City precinct. Summit Ascent responsible for operating the Tigre de Cristal integrated resort in Vladivostok, Russia. 

In April, Suncity Group decided to terminate its travel business. The unit, which accounted for 12.6 per cent of the group’s total revenue in 2021, had been suspended since the winding up of locally-licensed junket operator Suncity Gaming Promotions Limited (SCGPCL) on December 1, 2021.

See also: Suncity Group to sell two groups of wholly-owned subsidiaries