Junket operator Suncity Group has pledged to return advance deposits made by high-rolling players in the Philippines. The Philippine Daily Inquirer had reported that the company was struggling to return the money to the claimants.
The funds were deposited before the start of the Covid-19 pandemic, the newspaper reported.
Suncity published a statement on the website of the Manila Bulletin saying it “continues to reiterate its commitment to honor its obligations. However, several issues also arise upon withdrawal including the absence of the account holder, lacking proper and acceptable authorization for representatives, non-compliance with agreed withdrawal procedures or non-compliance with anti-money laundering safeguards being implemented by Suncity.”
The Inquirer reported that the local subsidiary of Suncity Group communicated with the Philippine Amusement and Gaming Corp. (PAGCOR) about player complaints.
“There really is difficulty in releasing the entirety of the placements at once” due to the Suncity Group’s current financial situation, lawyers representing Suncity Group Manila Inc director Alvin Chau Cheok Wa said in the letter to PAGCOR cited by GGRAsia.
The matter purportedly involved 49 players, though Suncity said some of those claimants have already been made whole.
In addition to its core junket operations, Suncity Group Holdings has expanded in recent years, investing in the Hoiana casino resort in Vietnam. A Philippine unit is part of the development of a casino hotel in Westside City, Manila. The company also owns a piece of Hong Kong-listed Summit Ascent Holdings Ltd., which operates the Tigre de Cristal casino resort in Vladivostok, Russia.
