The Board believes that the new name can bring a new atmosphere to the Company\u2019s corporate image and identity, which will help the Company better capture potential business opportunities and benefit the future development of the Group<\/strong>,\u201d said Suncity in a Hong Kong Stock Exchange filing.<\/p><\/blockquote>\nBefore the name change takes place, Suncity has to get its shareholders on board. The company will hold an extraordinary general meeting where they will discuss the idea and decide the path they want to take.<\/p>\n
New Leadership, New Direction<\/h2>\n Chau, who remains in prison in Macau, no longer has any financial interest in Suncity. He sold all of his shares in the company, as well as those he held in Summit Ascent. As a result, Andrew Lo Kai Bong, then the company\u2019s deputy chairman, took over both.<\/p>\n
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Lo now holds 74.98% of Suncity. He already took over as executive director following the Chau debacle, and is working to undo the trouble that the former leader\u2019s activities caused. Lenders have been demanding repayments of loans or other compensation, with Lo trying to keep the company together.<\/p>\n<\/div>\n
Suncity is still not turning a profit, so analysts will look at revenue growth to gauge how much the underlying business has grown. However, its revenue has dropped by 65% over the past three years. In addition, its stock lost 90% during that same period.<\/p>\n
The share price, before the HKSE halted trading, also fell at a rate of 24% per annum. However, since it returned, its share price jumped 171% in a month.<\/p>\n","protected":false},"excerpt":{"rendered":"
Suncity Group hopes a new name will help it separate itself from its dubious past, as well as its former leader, Alvin Chau. Formerly the largest junket operator in Asia, the company may soon change to LET Group Holdings Limited. A filing with the Hong Kong Stock Exchange (HKSE) indicates that the name is an […]<\/p>\n","protected":false},"author":64,"featured_media":221770,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,33810],"tags":[],"acf":[],"yoast_head":"\n
Suncity Group Board Proposes Name Change as It Tries to Escape Dirty Past - Casino.org<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n