{"id":29984,"date":"2022-05-19T12:58:48","date_gmt":"2022-05-19T15:58:48","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=29984"},"modified":"2026-04-23T08:35:20","modified_gmt":"2026-04-23T11:35:20","slug":"andrew-lo-takes-control-of-suncity-group","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/andrew-lo-takes-control-of-suncity-group","title":{"rendered":"Andrew Lo takes control of Suncity Group"},"content":{"rendered":"\n

Alvin Chau Cheok Wa has transferred his controlling stake in Suncity Group and Summit Ascent to Andrew Lo Kai Bong.<\/p>\n\n\n\n\n\n\n\n

Macau.- Alvin Chau Cheok Wa<\/strong> has transferred his controlling stake in both Suncity Group and its majority-owned Summit Ascent Holdings <\/strong>to the company\u2019s executive director Andrew Lo Kai Bong<\/strong>. No price details were disclosed.<\/p>\n\n\n\n

Fame Select, a joint venture between Chau and a business partner, transferred its stake to Lo last Friday. the transfer also included bonds convertible into Suncity shares. Suncity holds a 69.66 per cent interest in Summit Ascent.<\/p>\n\n\n\n

Chau was arrested in November<\/a> 2021 as part of an investigation into an illegal cross-border gambling syndicate. He stepped down as chairman of both Suncity Group and Summit Ascent in early December.<\/p>\n\n\n\n

Suncity Group has interests in the Hoiana integrated resort in Vietnam and is developing a US$1bn hotel and casino at Westside City Resorts World in Manila\u2019s Entertainment City<\/strong> precinct. Summit Ascent responsible for operating the Tigre de Cristal <\/strong>integrated resort in Vladivostok, Russia.\u00a0<\/p>\n\n\n\n

In April, Suncity Group<\/strong> decided to terminate its travel business. The unit, which accounted for 12.6 per cent of the group\u2019s total revenue in 2021, had been suspended since the winding up of locally-licensed junket operator Suncity Gaming Promotions Limited<\/a> (SCGPCL) on December 1, 2021.<\/p>\n\n\n\n

See also: <\/strong>Suncity Group to sell two groups of wholly-owned subsidiaries<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Alvin Chau Cheok Wa has transferred his controlling stake in Suncity Group and Summit Ascent to Andrew Lo Kai Bong.<\/p>\n","protected":false},"author":226,"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":"Alvin Chau Cheok Wa has transferred his controlling stake in Suncity Group and its majority-owned subsidiary, Summit Ascent Holdings, to Andrew Lo Kai Bong. This divestment follows Chau's arrest in November 2021 for illegal cross-border gambling and his subsequent resignation as chairman of both entities. The transfer, which included convertible bonds, occurred without disclosed price details and impacts Suncity's integrated resort interests in Vietnam, Russia, and the Philippines, alongside its recent termination of the travel business.","focusai_entities":"Alvin Chau Cheok Wa, Suncity Group, Summit Ascent Holdings, Andrew Lo Kai Bong, Fame Select, Suncity Gaming Promotions Limited (SCGPCL)","focusai_location":"Macau, Vietnam, Manila, Philippines, Vladivostok, Russia","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.9), operator_casino (0.85), payments_fraud_aml (0.8), investor_analyst (0.95), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Regulatory Impact Analysis?","query":"What are the immediate and long-term regulatory implications of this controlling stake transfer for Suncity Group's and Summit Ascent's existing gaming licenses across their operational jurisdictions?"},{"label":"Strategic Direction Post-Transfer?","query":"How will Andrew Lo Kai Bong's leadership and this ownership change influence the strategic direction and capital allocation for Suncity's integrated resort developments, particularly Hoiana and Westside City Resorts World?"}],"footnotes":""},"categories":[157,16338],"tags":[23702],"class_list":["post-29984","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\/29984","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\/226"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=29984"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29984\/revisions"}],"predecessor-version":[{"id":29989,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/29984\/revisions\/29989"}],"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=29984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=29984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=29984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}