Fading Macau icon Suncity leaves overseas legacy

The listed arm of Suncity owns 34% of central Vietnam beachfront resort Hoiana. (Photo provided by Hoiana)

Once dominant in Macau’s junket business, Suncity has fallen on hard times. Founder Alvin Chau’s late November arrest toppled its junket business and nearly that entire segment of the Macau gaming economy. Last week, the non-junket listed arm of Suncity reported a US$83 million loss in 2021, casting “significant doubt on the group’s ability to continue as a going concern.”

Amid the devastation, Vietnam beachfront casino resort Hoiana should prove Suncity’s lasting positive legacy. The listed side of Suncity owns 34% of Hoiana, a US$4 billion project soft opened in June 2020, 15 minutes drive from Hoi An, a UNESCO World Heritage site. As travel restrictions ease across Asia, Hoiana appears poised for success, whatever happens with Suncity.

Former US diplomat and broadcast news producer Muhammad Cohen is a correspondent for ICE 365, a contributor to Forbes, columnist for Asia Times, and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his biography, online archive and more at www.muhammadcohen.com; follow him on Facebook, Twitter @MuhammadCohen and LinkedIn.

Macau junket boss arrest sends wide shock waves

Suncity leader Alvin Chau’s arrest escalates China’s crackdown on its citizens gambling and illegal money transfers. (Photo provided by Suncity Group.)

The arrest of Suncity chief Alvin Chau and others from the leading Macau junket promoter dramatically escalates China’s efforts to limit its citizens’ gambling activities and illegal overseas money transfers.

Suncity’s Hong Kong listed arm, which excludes its junket business but holds stakes in casino properties Hoiana in Vietnam and Tigre di Crystal in Russia plus a casino hotel under development in Manila’s Entertainment City, says Chau plans to resign as its chairman and CEO.

My ICE365 article on Genting’s licensing in Nevada while discounting its Philippines business highlights how regulators around the world have perfected the art of diminishing, if not disregarding, inconvenient facts. In Macau, at least for now, the authorities have lost their blinders when it comes to Suncity. This story has barely begun to unfold.

Former US diplomat and broadcast news producer Muhammad Cohen is a columnist for ICE 365, a contributor to Forbes, columnist/correspondent for Asia Times, and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

Macau junket promoters try casino ownership

As Macau’s VIP revenue continues to fall, junket promoters are moving into casino ownership in different ways.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.

Macau casinos hit five year low, junkets teeter

In September Macau revenue plunged 33% to a five year low as new gloom enveloped the VIP sector.

Totally globalized native New Yorker and former broadcast news producer Muhammad Cohen is a blogger for Forbes and author of Hong Kong On Air, a novel set in his adopted hometown during the 1997 handover about television news, love, betrayal, high finance, and cheap lingerie. See his bio, online archive and more at www.muhammadcohen.com; follow him on Facebook and Twitter @MuhammadCohen.