Shares of Macau gambling group Suncity Group Holdings Ltd. were set to rise 6.1 percent in resumed trade on Thursday after the company confirmed its chairman, who was arrested over alleged links to cross-border gambling, resigned.
Alvin Chau, who is also the founder of Suncity, was arrested by Macau police on Sunday.
Suncity's stock was set to open at HK$0.14. Its shares were suspended from trade on Wednesday.
Good news for investors in the Macau SAR’s gambling industry as not only embattled Suncity shows signs of recovery, but the city as a whole seems to be enjoying an increase in gambling revenue as things return to normal.
Macau's gaming industry revenue in November increased 54.6 percent month on month to 6.749 billion patacas (about 840 million U.S. dollars) as social and economic order returned to normal after the latest Covid-19 outbreak, the Macau Special Administrative Region's (SAR) gaming industry watchdog said Wednesday.
Macau's Gaming Inspection and Coordination Bureau said in its latest report that the gaming revenue was 0.01 percent higher than the same period of last year.
The accumulated revenue in the first 11 months of this year reached 78.901 billion patacas (about 9.82 billion dollars), up 49.9 percent year on year.
The Macau SAR was hit by a new round of Covid-19 epidemic from late September to early October. For a large part of October, the neighboring Guangdong Province in the Chinese mainland required those entering Guangdong from Macau to be quarantined for 14 days.
(Staff and Agencies)
A VIP card of Macau junket operator Suncity Group is displayed at a gaming fair in Macau, China. (Reuters)
