HONG KONG Reuters trading in shares of Macau gambling group Suncity Group Holdings Ltd was suspended in Hong Kong on Wednesday, according to the Hong Kong stock exchange, as concerns over a crackdown in the world's largest gambling hub grew.
It was the second trading suspension for the stock in three days. 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.
Suncity Group - which has a broad range of interests in the gambling sector, but does not include Chau's junket operations - said on Monday that Chau, who is both CEO and chairman, is going to resign. A junket operator brings in high rollers to play at casinos.
Macau media reported on Wednesday that Suncity Group would close all of its VIP gaming rooms in Macau casinos as of Dec. 1, and suspend salary payments for at least one-third of its Macau staff.
Its shares were suspended from trading on Monday. The stock plunged 48% on Tuesday to a new record low when trading resumed.