Suncity sheds more light on Vietnam resort casino project

An affiliate of Asian casino junket operator Suncity Group has shed more light on its integrated resort joint venture in Vietnam.

On Wednesday, Suncity Group Holdings filed papers with the Hong Kong Stock Exchange confirming its plans to take a 34% stake in a resort casino project in Hoi An South in Vietnam’s Quang Nam province. The filing notes that the resort’s first phase – of a planned seven – began construction in April 2016 and “is expected to commence its operation in the second quarter of 2019.”

The investment will be made via Gold Yield Enterprises, which is 50% controlled by Suncity Group Holdings chairman Alvin Chau Cheok Wa, while the other 50% is held by Hong Kong conglomerate Chow Tai Fook Enterprises. All told, Gold Yield’s stake in the project totals 68%, with the remaining shares belonging to local real estate and development firm VinaCapital.

The filing notes that the resort’s foreigner-only casino offering will include 140 gaming tables and 1k slot machines. Suncity says its role in the resort’s operation will include providing “consultancy and management services” as regards casino and food & beverage facilities, while Suncity subsidiary Sun Travel Ltd. will promote the resort to its database of current and potential clients.