A rumor that Alvin Chau’s Suncity Group Holdings Ltd had acquired the troubled Beijing Imperial Palace Hotel and Greek Mythology Casino was quashed yesterday in a filing to the Hong Kong Stock Exchange by a major shareholder in the Taipa-based casino-hotel.
Amax International Holdings, which owns a nearly 30 percent stake in the Beijing Imperial Palace according to the company’s website, clarified in the filing that the rumor was not true.
The rumor was first reported in an interview with Andrew Lo, executive director of Suncity, and published in Hong Kong’s Ming Pao.
According to the news outlet, Lo said that his company had acquired the property after its license holder, Macau Hotel Developers Ltd., had failed to repay a loan from the company. As compensation, it would transfer property ownership to Alvin Chau.
Lo added that the gaming promoter, which would acquire the property through its subsidiary, Victory Success, intended to upgrade the hotel and casino facilities as soon as it had acquired a hotel license. The redevelopment would include a redesign of the property, reducing the number of rooms from 500 to 300, as well as changing its name and branding.
The Beijing Imperial Palace Hotel has been temporarily closed since 2016 when the Macau Government Tourism Office ordered its closure.
“The Company was informed by the Hotel management that the Hotel management is still in charge of the Hotel and in no event have the control rights of the Hotel been passed to Mr. Chau,” noted Amax International in the filing. Legal proceedings related to the dispute are still ongoing.
The company said that it has obtained a court order judging that Victory Success had invaded the hotel and was obliged to return it to the hotel management within five calendar days.
“The Hotel management is of the view that the Court Order could further protect their control rights of the Hotel,” said Amax International in the filing.
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