Macao’s gaming operators took a dive on the Hong Kong Stock Exchange for the second day running yesterday, while shares in Suncity Group Holdings Limited plummeted by 48 per cent to HK$0.13.
Trading was halted at the company’s request on Monday following the arrest of its founder and CEO, junket mogul Alvin Chau, for allegedly organising cross-border gambling for mainlanders, but resumed on Tuesday morning.
In a day of tough trading for the city’s leading casinos, MGM China fell more than 4 per cent, Wynn Macau dropped 6.5 per cent and Galaxy Entertainment Group 2.5 per cent. Sands China fell 5.2 per cent and SJM was down 3.5 per cent.
Suncity Group is the listed arm of Macao-registered Suncity Entertainment, which was set up to bring high-rollers to the city’s casinos where it operates VIP gaming salons.
The company has informed the Hong Kong Stock Exchange that Chau had offered his resignation, noting that it “depends on the financial support” of its founder.