Andrew Lo is now the former chairman of Suncity listco, Summit

Andrew Lo Kai Bong was appointed chairman of a Hong Kong-listed casino investor formerly known as Suncity Group Holdings Ltd from Wednesday and has now been renamed LET Group Holdings Ltd.

Mr Lo (pictured), who is already the company’s executive director and a de facto shareholder, said in a filing released on the same day that he would receive just over HK$7 million ($898,000) in service for the year to Dec. 31.

Let Group Holdings said in a filing on Monday it defaulted on the two groups’ convertible bond payments of HK$333 million in principal and HK$197 million in total value.

The company posted a loss of HK$387.1 million in the six months to June 30, compared with a profit of HK$251.1 million a year earlier.

The company’s interests include investments in Vietnam’s Hoiana casino resort.

In addition, the Manila-listed Suntrust Resort Holdings Inc. is supporting the development and operation of casino resorts in the Westside City project in Manila, the capital of the Philippines. The project costs about $1 billion and should begin operating in 2024.

Let Group Holdings also has an interest in its hotel and gaming business at Tigre de Cristal in the integrated entertainment zone of Primorsky Krai near the Russian Pacific port of Vladivostok through its Hong Kong-listed Summit Ascent Holdings Ltd.

In a filing on Wednesday, Summit Ascent said Mr. Law was also a substantial shareholder in the company but was re-designated as vice chairman from that date.

The latter announcement noted that on Aug. 1, Mr. Law agreed with Summit Ascension to receive “in-kind benefits” for the city’s annual cost of HK$2.4 million and the accommodations offered to him.

Tigred de Crystal, a major investment destination in the first half of the year, returned to the black with sales up 37.4% year over year, Summit Ascent said in a Aug. 23 filing.

BY: 파친코

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