Trading in shares of Macau’s Suncity Group Holdings and its subsidiary Summit Ascent Holdings were suspended on Thursday, days after its chief executive was arrested over alleged links to cross-border gambling.
The Hong Kong stock exchange gave no further details on the suspension.
It comes after embattled junket giant Suncity, which is separate to the listed entity and also operated by the parent group’s chief executive, Alvin Chau, closed all of its VIP gambling rooms in Macau after Chau was arrested.
Chau’s junket operations are estimated to have accounted for a quarter of Macau’s gambling revenue.
The closure of Chau’s gaming rooms is expected to exacerbate pain for casino operators in the gambling hub and lead to closures in other areas of the group such as restaurants, bars and hotels.
Meanwhile, Macau’s gambling regulator has ordered junket operators in the former Portuguese colony to stop offering credit to customers, according to brokerage firm Bernstein.
- Reuters with additional editing by Jim Pollard
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