Dramatic development follows arrest of junket king Alvin Chau and landmark ruling by High Court last month.
Business
Macao-based media executive believed to be close to Alvin Chau, troubled founder of Suncity Group who is currently remanded in custody.
Troubled chairman, currently remanded in custody, quits as casinos sever ties with group; trading in shares resumes this morning.
News doubly welcome in wake of Suncity debacle, however, government still 40 per cent short of its MOP 130 billion gross gaming receipts target.
Stock plunged to HK$0.13 yesterday; further announcement from board of directors expected soon. Salaries halted for one-third of company’s staff.
Decision follows disastrous day on Hong Kong Stock Exchange; analysts forecast thousands of job losses in Macao.
Macao’s gaming operators also take a hit for the second day, suffering losses of up to 6.5% following Suncity CEO Alvin Chau’s arrest at the weekend.
Board of directors distance company from allegations of corrupt practice, request Stock Exchange to resume trading in its shares.
MGM down 10%, Melco and Wynn lose 8%, SJM drops 8% and Galaxy and Sands China close down 5% at end of a tough day’s trading.