Suncity Group, the leading Macau junket runner and now majority stakeholder in Russian IR operator Summit Ascent Holdings, has added Andrew Lo and Chiu King Yan to the operator’s executive board of directors.
Lo, executive director and chief investment officer of Suncity, has also been named deputy chairman of the board as former chairman Kuo Jen Hao stepped down from his role, reported Inside Asian Gaming. Kuo is also chairman of Taiwan’s First Steamship Company Ltd., the former majority shareholder in Summit Ascent, which sold its entire stake to Suncity last month.
Chiu is currently chief financial officer of Suncity and also Lo’s brother-in-law. According to a filing to the Hong Kong Stock Exchange, both Lo and Chiu will serve for a term of three years and will receive director’s fees of HK$1.2 million (US$153,000) per year.
Summit Ascent owns Russian integrated resort Tigre de Cristal in the Primorye gaming zone near Vladivostok.
