Suncity Group to announce return to profit
Back in the black for 2020, the group has plans to spread its wings wider with two VIP gaming clubs in Cotai.
Suncity Group is anticipating a profit of approximately RMB 750.4 million for 2020, in sharp contrast to its loss of RMB1.48 billion the previous year.
The Hong Kong-listed group managed to turn its fortunes around thanks to a number of factors, The Macau Daily Times reported.
These include a gain of RMB 1.36 billion owing to the change in fair value of derivative financial instruments; a gain of approximately RMB 213.5 million on the change in fair value of convertible bonds; a net profit of RMB 200.7 million on a bargain purchase on the acquisition of Summit Ascent Holdings Limited, and a Hong Kong-listed company for the development and operation of an integrated resort Tigre de Cristal in Russia.
These financial achievements were offset by a financial loss of around RMB1.01 billion, which was made up of losses in fair value of investment properties, joint ventures and finance costs.
Suncity is helmed by chairman Alvin Chau, and is set to publish its final annual financial results on 29 March.
Earlier this month, Suncity announced that it is planning to launch VIP gaming clubs at The Londoner Macao and Grand Lisboa Palace in Cotai.
Founded in Macau in 2007, Suncity operates junket businesses in Macao and has also invested in resort projects in the Asia-Pacific region. It held a soft opening for the integrated resort Hoiana in Vietnam in June 2020, with the official opening suspended due to Covid-19.
The group’s other integrated resort, Russia’s Tigre de Cristal, was forced to close its doors for four months and only reopened in July last year.