Workers hired by subsidiaries worried they may not be eligible for unemployment subsidy; fears for more gaming industry layoffs in future.
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.
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.
Covid-19 claims another financial victim as high-rollers’ club aims to cut costs in the face of the pandemic.
Back in the black for 2020, the group has plans to spread its wings wider with two VIP gaming clubs in Cotai.
Junket and resort operator Suncity Group Holdings announced on Monday that its revenue in the first half of the year fell 70% year-on-year to 93.7 million yuan (US$13.6 million).
The Guia Circuit will be upgraded and additional safety measures will be installed for this year’s Grand Prix.
The budget for the Macau Grand Prix this year is around MOP 200 million, around the same as last year,