LET Group Holdings appoints Lo Kai Bong as chairman

The company has announced that Lo Kai Bong has been appointed as the chairman of the board.

Macau.- LET Group Holdings, the former Suncity Group Holdings Limited, has announced that Lo Kai Bong has been appointed as chairman with immediate effect. Lo joined the company in 2017 as an executive director. Lo has been involved in development of the group’s overseas businesses and was also responsible for corporate management, mergers and acquisitions.

On December 2018, Lo was appointed as a non-executive director of Summit Ascent Holdings Limited, an indirect non-wholly owned subsidiary of the company. At the time of this announcement, Lo held 6.87bn shares of LET Group Holdings Ltd through his controlled corporations, of which 4.99bn were held as shares and 1.88bn as underlying shares under equity derivatives, representing approximately 103.08 per cent of the company’s shares in issue.

Lo as a beneficial owner also holds 41.23m shares of the LET Group Holdings, 1.23m being held and 40m being underlying shares held under equity derivatives, representing approximately 0.61 per cent of the total shares in issue.

LET Group Holdings revenue up 32% in H1

As previously reported by Focus Gaming News, the company reported that revenue from continuing operations increased by 32 per cent to approximately HK$190.4m (US$24.2m) in the first half of the year.

The group reported that gross profit from continuing operations increased by 132 per cent to approximately HK$93.7m with a loss of HK$252.9m. Consolidated adjusted EBITDA from continuing operations was approximately positive HK$50.6m versus negative HK$8.1m for the six months ended June 30. 

In its financial report, the company said construction of the Westside City Project in the Philippines continued. It said foundation works had been completed and cranes had been erected. When all phases of the Westside City Project are ready, it will have approximately 300 gaming tables, over 1,300 electronic gaming machines and over 450 five-star hotel rooms. The completion date remains as scheduled for 2024.

LET Group Holdings said it remains cautiously optimistic about its long-term strategic positioning in the Asian entertainment space.