Vietnam: Suncity to pick 34% in Hoiana casino project, commits to invest $26.6m

Hong Kong junket operator Suncity Group is finalising the acquisition of a 34 per cent stake in central Vietnam-based casino complex Hoiana (previously branded as Hoi An South). It has committed to allocate $26.2 million for the first phase of the project.

Two other venture partners of the projects – Golden Yield Enterprise (GYE), an affiliate of jewelry major Chow Tai Fook, and Ho Chi Minh City-headquartered asset management firm VinaCapital – hold 68.09 per cent and 31.91 per cent respectively in Hoiana.

Suncity will acquire the 34 per cent interest from GYE’s ownership of the proposed casino complex, it said in a filing to the Hong Kong Stock Exchange on Wednesday.

The document added that the project holding company had already invested $89 million in the first phase of the $4-billion project, and a loan facility worth $484 million had also been obtained. It now needs another $77 million to deploy into the $650 million first phase of the project. As a result, Suncity will contribute $26.22 million based on its 34 per cent holding.

“The project is still in the construction stage and is expected to commence operation in 2019,” the group said.

The development, which will be in seven phases, will comprise a casino, hotel resort facilities, two golf courses, residential dwellings, commercial and retail areas, opportunistic developments and other public facilities.

Suncity said it had been planning to further expand its tourism-related business to Asian countries other than China, and Vietnam had been one of the initial target markets.

“As there are currently no other integrated resorts comparable to the scale of the project in the area, the group is optimistic that there will be a strong demand for the facilities in the project,” it noted in the filing.

In addition, gaming business is being supported by a new Decree issued earlier this year which will allow selected domestic casinos to accept bets from certain Vietnamese gamblers under a 3-year pilot scheme.

“The group is of the view that the decree signals the Vietnamese government’s determination to further open up its gaming market,” it added.

Also read:

Casino operator SunCity to pick 34% stake in Vietnamese resort project for $77m

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.