Shares of Macau gambling group Suncity halted for second time in 3 days (updated)

LET group

01/12/2021 01:46

(Adds details of suspension, background)
    HONG KONG, Dec 1 (Reuters) - Trading in shares of Macau
gambling group Suncity Group Holdings Ltd  1383.HK  was
suspended in Hong Kong on Wednesday, according to the Hong Kong
stock exchange, as worries over a crackdown in the world's
largest gambling hub grew. 
    It was the second trading suspension in three days for the
stock. The exchange gave no further details on the halt and it
was not immediately clear whether the company requested the halt
or whether the bourse asked for it. 
    Alvin Chau, founder of Suncity Group, a conglomerate with
interests that span gambling to property, was arrested by Macau
police on Sunday.  urn:newsml:reuters.com:*:nL1N2SJ08Z
    Suncity Group - which has a broad range of interests in the
gambling sector but does not include Chau's junket operations -
said on Monday Chau, who is both CEO and chairman, intended to
resign. A junket operator brings in high rollers to play at
casinos.  urn:newsml:reuters.com:*:nL1N2SL027
     Macau media reported on Wednesday that Suncity Group would
close all of its VIP gaming rooms in Macau casinos as of Dec. 1,
and cease salary payments for at least one-third of its Macau
staff.
    Suncity Group did not immediately respond to a Reuters
request for comment.
    Its shares were suspended from trading on Monday. The stock
plunged 48% on Tuesday to a record low when trading resumed.

 (Reporting by Donny Kwok; Editing by Tom Hogue and Muralikumar
Anantharaman)
 ((donny.kwok@thomsonreuters.com; +852 2843 6470;))