{"id":28663,"date":"2022-04-04T08:33:00","date_gmt":"2022-04-04T11:33:00","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=28663"},"modified":"2026-04-23T09:56:05","modified_gmt":"2026-04-23T12:56:05","slug":"suncity-terminates-travel-business","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/suncity-terminates-travel-business","title":{"rendered":"Suncity terminates travel business"},"content":{"rendered":"\n

The company says it took the decision due to the impact of the Covid-19 pandemic and the disposal of Suncity Group Holdings\u2019 aircraft.<\/p>\n\n\n\n\n\n\n\n

Macau.-\u00a0Suncity Group<\/strong>\u00a0has announced that it has 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\u00a0Suncity Gaming Promotions Limited<\/a>\u00a0(SCGPCL) on December 1, 2021.<\/p>\n\n\n\n

The company filed for dissolution following the\u00a0arrest of its founder, Alvin Chau Cheok Wa<\/a>, over cross-border gambling and money laundering accusations. Suncity said it had also taken the decision due to the\u00a0disposal of its aircraft<\/a>\u00a0and the continued negative impact of the Covid-19 pandemic on the travel business.<\/p>\n\n\n\n

Suncity Group reports US$33m loss for 2021<\/h2>\n\n\n\n

Suncity Group Holdings’s annual results for the year ended December 31 report a HKD258.3m (US$33m) loss, which compares to a profit of HKD884.8m in 2020. Revenue from continuing operations increased by\u00a087 per cent<\/strong>\u00a0from HKD181.8m to approximately HKD340.4m. Gross profit increased by 232 per cent from HKD27.1m to approximately HKD90.1m.<\/p>\n\n\n\n

Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) loss narrowed to HKD70.8m, compared to an adjusted EBITDA loss of HKD134.1m in 2020. The group said its 2021 loss was due to factors including financing costs of about HKD283.9m and a stake of about HKD438m in the loss of a joint venture at Hoiana Casino Resort in Vietnam.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The company says it took the decision due to the impact of the Covid-19 pandemic and the disposal of Suncity Group Holdings\u2019 aircraft.<\/p>\n","protected":false},"author":176,"featured_media":0,"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 has announced the termination of its travel business, citing the impact of the Covid-19 pandemic and the disposal of its aircraft. This decision follows the winding up of its junket operator, Suncity Gaming Promotions Limited, due to the arrest of its founder, Alvin Chau, on cross-border gambling and money laundering charges. Suncity Group Holdings reported a significant HKD258.3m loss for 2021, contrasting with a profit in 2020, attributed partly to financing costs and a substantial loss from its Hoiana Casino Resort joint venture.","focusai_entities":"Suncity Group, Suncity Group Holdings, Suncity Gaming Promotions Limited (SCGPCL), Alvin Chau Cheok Wa, Hoiana Casino Resort","focusai_location":"Macau, Vietnam","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.9), operator_casino (0.85), payments_fraud_aml (0.88), investor_analyst (0.98), supplier_vendor (0.75), journalist_researcher (0.92)","focusai_suggestions":[{"label":"Suncity's Strategic Outlook?","query":"What is the long-term strategic impact of Suncity Group's restructuring, including the termination of its travel business, on its remaining gaming verticals and asset portfolio?"},{"label":"Macau Junket Market Impact?","query":"How will the dissolution of Suncity Gaming Promotions Limited and the associated regulatory actions affect the broader Macau junket market and its future regulatory landscape?"}],"footnotes":""},"categories":[157,16338],"tags":[23702],"class_list":["post-28663","post","type-post","status-publish","format-standard","hentry","category-business-news","category-east-asia-news","tag-suncity-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28663","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=28663"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28663\/revisions"}],"predecessor-version":[{"id":28691,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28663\/revisions\/28691"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=28663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=28663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=28663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}