MGM China sees little chance of recovering losses from Suncity
MGM China says the possibility of recovering losses through its litigation against the defunct junket operator is remote.
Macau.- MGM China has deemed the possibility of recovering losses from the former junket operator Suncity to be remote. The group had sought HK$349m (US$44.46m) in damages in litigation against the company, which was accused of running under-the-table betting.
The legal counsels of Wynn Macau, MGM China Holdings, SJM Holdings, Sands China and Galaxy Entertainment Group have all asked the court to award them damages due to lost earnings as a result of Suncity’s operations. MGM says operators had been “victims of fraud and subject to tremendous loss”.
However, while it continues to try to cut its losses from deposits with junket operations at its MGM Macau property. it sees little chance. A February 2022 appeal was dismissed, leading to losses from legal proceedings of HK$202.7m (US$25.82m). MGM reached a settlement last year, reversing HK$60m (US$7.64m) of the liability and further litigation regarding the group’s joint liability with gaming promoters is still pending.
Judge Lou Ieng Ha at the Macau Court of First Instance sentenced Alvin Chau Cheok Wa, the former CEO of Suncity (now LET Group Holdings Ltd), to 18 years in prison, a penalty authorities want to increase to over 20 years.
