Vietnam is going to welcome a new gambling resort in the second quarter of 2019 and this is Suncity Hoiana. According to experts in the field, the new project is going to better the overall conditions in the sector and even make it easier for the gambling developer to acquire a license for operation in Macau once the authorities decide to allow a seventh license to be issued.
Ever since last fall, when it was first announced that the major junket investor Suncity Group will enter the project, there have been talks about the future plans of the entity. It could be recalled that back in November Suncity decided to take over the 34-percent stake which was previously managed by Golden Yield Enterprise which is a subsidiary company of Chow-Tai-Fook Group. This move meant that Suncity is going to partner with GYE and the Vietnam-listed VinaCapital in order to finish the project.
According to estimation, the overall price of the future project amounts to US$4 billion and it is going to be located in Hoi An South in Quang Nam province. As for their part of the deal, Suncity had to contribute US$26.2 million for the development of the gambling complex. The original start of the construction was given in April 2016 but due to circumstances, the project is expected to be finished in the spring of 2019. This participation in the project puts the casino developer in a good position when it comes to its future in the region.
Hopes for Gambling License in Macau
Macau is the largest gambling hub in the world and acquiring a gambling license there is of utmost importance for the casino operator. Since many of the currently operating developers there will have to rebid for their legal right to manage locations there in 2020 or 2022, this could be the right time for Suncity to apply and make a successful application. Grant Govertsen is a gambling analyst who expressed his opinion that the introduction of Suncity in the region of Macau will also bring more revenue from VIP high rollers.
Junkets provide for a big part of the gambling revenue as they introduce players who are ready to spend a lot of money. Since the location will rely on tourists possibly utilizing junkets there is some risk that Suncity could introduce more VIP gambling enthusiasts from Macau and thus inflict harm on the sector. As it has been confirmed the major part of the target patrons will be customers from China.
As for the gambling resort itself, it is expected to feature as many as 140 gaming tables and 1,000 electronic gaming table seats. In addition to the casino offerings, Suncity Hoiana will have on offer a hotel tower with 313 mass market rooms available for booking. 136 suites located in the all-suite hotel, as well as a hotel villa featuring 74 rooms. When it comes to purchasing and rental of accommodation offerings, there will be a total of 30 villa units, as well as a condo-hotel with 236 rooms.
