Suncity Group Holdings Ltd has announced it expects to post a loss of HKD526.5m (US$67.3m) for the year ended December 31.<\/p>\n\n\n\n\n\n\n\n
Macau.-\u00a0Suncity Group Holdings Ltd<\/strong>\u00a0has issued a profit warning, announcing that it expects to report a loss of at least HKD526.5m (US$67.3m) for 2021. That compares with a profit of HKD795.7m for the full year 2020.<\/p>\n\n\n\n The Covid-19 pandemic continues to impact the overall businesses of the group, together with the suspension of travel-related businesses from December 1. Suncity Group Holdings also noted an increase in its share of joint venture losses by approximately HKD160.5m.<\/p>\n\n\n\n The company said loan impairment charges had increased by HKD119.4m<\/strong>, while impairment losses on loans and receivables from joint ventures increased by approximately HKD216.5m. Revenue from travel-related products and services fell to HKD42.8m\u00a0in 2021 from HKD123.8m the previous year.<\/p>\n\n\n\n Last year, Suncity Group Holdings announced that\u00a0Alvin Chau Cheok Wa<\/a> had resigned as chairman and chief executive following his arrest in Macau<\/a>\u00a0on Chinese accusations of cross-border gambling and money laundering.<\/p>\n\n\n\n Suncity has also claimed that Gold Yield Enterprises Ltd (GYE), a company related to the Hoiana casino resort in Vietnam has\u00a0failed to repay a US$30m loan<\/strong>\u00a0by its due date of February 28. It said it will closely monitor the situation.<\/p>\n","protected":false},"excerpt":{"rendered":" Suncity Group Holdings Ltd has announced it expects to post a loss of HKD526.5m (US$67.3m) for the year ended December 31.<\/p>\n","protected":false},"author":176,"featured_media":25494,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Suncity Group Holdings Ltd anticipates a significant loss of HKD526.5m for FY2021, a stark reversal from the previous year's profit. This downturn is primarily attributed to the ongoing COVID-19 pandemic's impact on travel, increased joint venture losses, and substantial loan impairment charges. Further compounding its challenges, the company faces the fallout from its former chairman's arrest on cross-border gambling and money laundering charges, alongside a US$30m loan default by a Hoiana-related entity.","focusai_entities":"Suncity Group Holdings Ltd, Alvin Chau Cheok Wa, Gold Yield Enterprises Ltd","focusai_location":"Macau, Vietnam, China","focusai_target_profile":"ceo_executive (0.9), regulator (0.9), compliance_legal (0.9), operator_casino (0.7), payments_fraud_aml (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Hoiana Loan Default Impact?","query":"What is the projected impact of the Gold Yield Enterprises Ltd loan default on Suncity Group Holdings' liquidity and asset valuation, particularly concerning the Hoiana casino resort investment?"},{"label":"Governance Framework Revisions?","query":"How will Suncity Group Holdings' revised governance framework address the fallout from the former chairman's arrest and mitigate future compliance risks related to cross-border gambling and money laundering?"}],"footnotes":""},"categories":[157,16338],"tags":[23702],"class_list":["post-28377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-suncity-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=28377"}],"version-history":[{"count":6,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28377\/revisions"}],"predecessor-version":[{"id":28399,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28377\/revisions\/28399"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/25494"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=28377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=28377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=28377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}