Suncity will suspend VIP operations in Macau starting today and expects business operations to be negatively impacted by the loss of support from CEO Alvin Chau, Bloomberg reported.
The stock plummeted 48.24 per cent to 13 Hong Kong cents since Friday when Chau was arrested. The company has a market cap of HK$880m.
Some employee salaries may not be paid for November and others have been furloughed due to the suspension.
Chau is stepping down as CEO and chairman. Suncity’s Macau licence is set to expire in January, the future of which has been put in question since Chau’s arrest for allegedly operating illegal gaming promotions to mainland Chinese gamblers.
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