Troubled junket operation, whose former boss Alvin Chau is in custody, ceases travel business which had made up around 12% of its total revenue.
Troubled chairman, currently remanded in custody, quits as casinos sever ties with group; trading in shares resumes this morning.
Stock plunged to HK$0.13 yesterday; further announcement from board of directors expected soon. Salaries halted for one-third of company’s staff.
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.