Hong Kong billionaire Cheng buys into Suncity

2014-1-13

From：Macau Business

International Entertainment Corp, controlled by the family of Cheng Yu-tung, will buy a company linked to junket operator Suncity Group for HK$7.35 billion (US$948 million).

International Entertainment has told the Hong Kong Stock Exchange that it will acquire 70 percent of Sun City Gaming Promotion Co, therefore acquiring a majority economic stake in SunCity Group.

Suncity is one of Macau’s biggest junket operators.

Mr Cheng controls Hong Kong property developer New World Development Co Ltd and the world’s biggest chain of jewellers, Chow Tai Fook Jewellery Group Ltd.

Mr Cheng owns 10 percent of Sociedade de Turismo e Diversões de Macau SA, the parent company of casino operator SJM Holdings Ltd.

Copyright@Macau Business