Suncity Group Holdings is going to purchase 35 percent of the future casino resort which is going to be called Hoiana. The project is located to the south of Hoi An in central Vietnam and the purchase amounts to US$76.8 million.
The Hong Kong-based Macau junket is going to own a huge chunk of the soon-to-be-built casino resort, which is situated in the Chu Lai Open Economic Zone in Quang Nam Province. Some of the more prominent investors in the project are VinaCapital Group and Gold Yield Enterprises, which is known as the subsidiary of the listed in Hong Kong Chow Tai Fook Enterprises. The long-awaited tourism and leisure project is estimated to cost $4 billion to its investors and according to the plans, the first phase of it should be finished in the beginning of 2019. The initial investment in the project was $89 million, which provided for everything necessary construction-wise.
VinaCapital purchased the project in 2007 and commenced the development process, but was soon left without partners, which led to the postponing of the construction works. In 2016 Chow Tai Fook Enterprises was announced to be the new partner and this propelled the whole process ahead. The deal should be completed via a subsidiary better known as Goal Summit. According to the plans, the Hoiana casino resort is going to include 140 gaming tables, 1,000 slots, a golf course, and residential villas and apartments ready to welcome its hundreds of guests.
Suncity recently stated that the company expects high demand in the tourism field, which will provide for the faster development of the casino resort. Vietnam can benefit a lot from the building of such project and popular tourist destinations are going to help popularize the site. One such is the Quang Nam province, which is located in the proximity and is enjoying quite the interest – only for the last 12 months, it has received about 25 percent of the country’s total number of foreign visitors.
The whole project will have seven phases and the final one is expected to be finished by 2035. However, on 23rd April the construction works on first one commenced, which means that part one of the full integrated resort, which is expected to cover 985 hectares is well on its way to welcoming its first guests in 2019. It is going to include 1,000 lodging rooms, three hotels, food and beverage offerings, a wide variety of shopping areas and leisure and entertainment facilities.
Don Lam, Chairman at Hoiana, announced that the integrated resort project aims to elevate the tourism industry in Vietnam and provide its tourists with the high-profile opportunities for leisure time while increasing the economic prosperity and interest in the region.
