Joana’s exclusive preview for summer 2020
The grand opening of Vietnam’s underdeveloped Hoiana casino resort will only take place in 2021, with an “exclusive preview” scheduled for this summer. The head of a major investor in the Macau-Junk link said.
“In the summer of 2020, we will unveil the first phase of Hoiana in our solo premiere, with a grand opening scheduled for 2021,” Alvin Chowchuk, chairman of Hong Kong-listed Sun City Group Holdings, said in a press release on its 2019 annual results.
He said the schedule for the opening of the first phase of the Hoiana casino resort (the artist’s rendering photo) was “the result of the uncertainty” brought about by the COVID-19 outbreak. “Sun City’s investment in Vietnam is intended to stay very long,” he added.
Mr. Chau is also the president of the Macau VIP gambling junket brand Suncity Group.
Suncity Brands is one of the investors in the Hoana Casino scheme, and the group’s publicly traded company is managing the Hoana casino business, according to previous data. Hoana has been described in a press release related to the project as a $4 billion multi-level development.
Sun City Group said in a press release in late December that it expects Hoiana’s Phase 1 project in Quang Nam, on Vietnam’s central coast, to be completed and opened within the first quarter of this year.
The property will not get national government permission to participate in an industrial pilot scheme, at least initially for economically eligible Vietnamese athletes to gamble at a new large resort.
SunCity Group Holdings Ltd. posted a loss of 1.48 billion yuan ($285.5 million) in the fiscal year ended December 31, 2019, compared to a loss of 1.46 billion yuan recorded in the prior year. The company said the loss in its calendar in 2019 was due in part to a loss of approximately 521.7 million yuan and a loss of deemed disposal of its subsidiaries of approximately 152.2 million yuan in connection with changes in the fair value of its derivatives.
Suncity Group Holdings provides hotel and casino resort consulting services to developers in several Asian jurisdictions. The company said in its annual earnings release that it is “actively pioneering other overseas markets around the world, including Japan and South Korea.”
In Korea, Suncity Group Holdings has signed a legally non-binding memorandum of understanding with Paradise Co., Ltd., a casino operator exclusively for foreigners in Korea, for potential cooperation in Busan. In Japan, it purchased a site near an airport serving the Miyako Islands in Okinawa in 2019 and plans to develop 40 villas and 100 hotel rooms. The Suncity brand also showed interest in developing a casino resort in Wakayama Prefecture, Japan, as part of the first phase of casino liberalization in Japan.
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