Suncity Group is offering voluntary redundancy through a “Personal Career Reshaping Plan” due to the impact of the Covid-19 pandemic.<\/p>\n\n\n\n\n\n\n\n
Macau.-\u00a0Suncity Group Holdings\u00a0<\/strong>has launched a voluntary exit scheme for employees. <\/p>\n\n\n\n The so-called\u00a0\u201cPersonal Career Reshaping Plan\u201d <\/strong>offers benefits such as extra allowances for employees over 60 years old.<\/p>\n\n\n\n It will also include a partial payout of social security contributions<\/strong>, an extension of medical insurance coverage, and career planning support services.<\/p>\n\n\n\n According to Macao Daily,\u00a0Alvin Chau<\/strong>, CEO of the company, has issued a letter to employees, saying that the company is facing challenges due to the Covid-19 pandemic<\/strong>.<\/p>\n\n\n\n Chau stated: “For the company\u2019s sustainable development, it is necessary to change the strategy, optimize the organizational structure<\/strong>, retain the core business, and respond to changes in the market environment.”<\/p>\n\n\n\n In March, the casino junket investor<\/a> predicted a profit attributable to shareholders<\/strong> of approximately RMB750.4m (US$115.3m) for 2020.<\/p>\n\n\n\n The announcement came despite a 67 per cent drop in revenue for the year due to the financial impact of the Covid-19 pandemic.<\/strong><\/p>\n\n\n\n The\u00a0junket sector<\/a>\u00a0is facing\u00a0challenges<\/strong>\u00a0due to China\u2019s restrictions against cross-border gambling services.<\/p>\n\n\n\n On March 1,\u00a0China\u2019s National People\u2019s Congress\u00a0<\/strong>approved an amendment to the country\u2019s criminal law so that\u00a0anyone who \u201corganises\u201d overseas gambling<\/strong>\u00a0for mainland Chinese will be deemed to have\u00a0committed a criminal act.<\/strong><\/p>\n\n\n\n Although the law wasn\u2019t designed specifically to stop junket operators working with Macau\u2019s casinos<\/strong>, the absence of clarity is causing junket operators to avoid taking a risks<\/strong>.<\/p>\n\n\n\n The possible future use of virtual currency\u00a0<\/strong>in Macau casinos could also have a serious impact on\u00a0junket operators<\/a>\u00a0<\/strong>as it may render them\u00a0unnecessary for the VIP sector<\/strong>.<\/p>\n\n\n\n