Hoiana Launch No Local Players in Vietnam

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GGRAsia learned from Andrew Lo Kai Bong, executive director of Suncity Group Holdings Ltd., that a “soft opening” is planned for the first phase of the multibillion-dollar casino resort complex “Hoiana” on Vietnam’s central coast. The Hong Kong-listed company is one of the companies supporting the initiative.

Investors hope to be able to apply to open casinos to economically eligible locals about two years after the venue’s opening.

“We expect (the first phase) to take place in October, and by that time, basically 90 percent of the first phase’s content, including golf courses and hotels, will be released. But it will be a soft opening,” Lo told us.

“We are aiming for a grand opening (complete) before the Chinese New Year in 2020,” he added, referring to the resort’s first phase.

Phase 1 facilities include an 18-hole golf course, a Hoana Residence condo-hotel that can accommodate 270 units, and three hotels that offer a total of 800 rooms.

Suncity Group Holdings is chaired by veteran junket investor Alvin Chauchukwa, who also heads privately owned Macau casino junket company Suncity Group.

Dasang Hoiana Plan, located in Hoi An, Vietnam, is a venture of Hoi An South Development Limited. Vina Capital Group, a Vietnamese asset manager, is linked to the plan, and is also a subsidiary of Hong Kong’s Chautai Phuk Enterprises Limited. Listed Sun City Group Holdings completed the acquisition in August 2018 in which it secured a 34% stake in Hoiana Plan.

In March 2017, the Vietnamese government lifted a ban on gambling by locals at casinos under a decree planning a three-year pilot project for casinos. As a result, Vietnamese customers aged 21 and older, with a monthly income of at least 10 million dong ($4.3 million) or more, were allowed access to the casinos selected in the country if they paid admission fees.

“It’s not the right moment yet for us to apply for it [to allow the locals to offer gambling],” Mr Law said, adding that the venue would “definitely” do so.

“But now only two licenses have been issued allowing locals,” he added. Once the three-year trial run under the plan was completed, Suncity Group believed “the market would open up,” Lo said.

“Until then, we will definitely go and apply and we will certainly meet the requirements [of local authorities],” the Sun City executive also said.

Only casino resorts with a total capital investment of at least $2 billion, including gaming and non-gaming facilities, deserve to welcome Vietnamese gambling. The casino at Corona Resort and Casino on Vietnam’s Phu Quoc island opened last month. The property is reportedly one of two properties that the Vietnamese government allowed to offer gambling to economically eligible locals.

BY: 바카라사이트

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