Suncity completes purchase of Vietnam casino stake

After several delays, Hong Kong-based Suncity Group has finally completed its acquisition of a 34% stake in a Vietnam casino and resort.

In its filing with the Hong Kong Stock Exchange, Suncity said the purchase was completed on Aug. 28, noting that, “Upon completion, the target has become a wholly-owned subsidiary of the company.”

The ‘target’ in this case is Star Admiral Ltd., which Suncity bought a 100% stake in and which will be sold to Suncity Chairman Alvin Chau Cheok Wa’s Goal Summit. The casino and resort will be built in Hoiana in Central Vietnam.

In a separate filing, the company reported a RMB1.65-billion ($242 million) loss for the first half of 2018, after last year’s RMB633-million ($93-million) loss for the corresponding period.