Suncity Group withdraws from Japan IR race

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A rendering of Suncity Groups proposed Wakayama IR.

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Suncity Group has withdrawn from the race to develop an integrated resort in Wakayama, Japan.

In a statement, Suncity CEO Alvin Chau said, “Due to the COVID-19 pandemic, the uncertain situation surrounding a huge numbers of companies around the world may continue for a long time, and the IR project procedure in Japan also is expected to take much longer. Therefore, we have considered the risks to our business and have decided to withdraw.”

More to come.