The board further assured that the tycoon’s detention had “no direct and tangible adverse effect” on the group’s financial position, business or operations. In the same statement, the group noted that it “depends on the financial support” of its founder. In a statement sent to the Hong Kong Stock Exchange, the company revealed that Chau had offered his resignation. Suncity Group is the listed arm of Macau registered junket Suncity Entertainment, the biggest intermediary between Macau casinos and high rollers, for which it organises exclusive travel packages and operates ‘VIP’ gaming rooms on behalf of casino operators in Macau, the only place in China where gambling is legal. The company’s shares sank 48 per cent today after trading resumed to HK$0.13, having been suspended on Monday. However, the biggest drop was recorded by Suncity Group Holdings Limited, whose founder and CEO is Alvin Chau. Sands China recorded a 5.2 per cent drop and SJM, founded by gaming tycoon Stanley Ho, fell 3.5 per cent. In today’s session on the Hong Kong Stock Exchange, MGM China fell more than 4 per cent, Wynn Macau lost 6.5 per cent and Galaxy Entertainment Group 2.5 per cent. Shares in Macau’s leading casino operators again posted heavy losses today (Tuesday) following the detention of gambling tycoon Alvin Chau for allegedly facilitating cross-border gambling in mainland China.