Asian junket operator, Suncity Group Holdings Limited, has again reportedly delayed its purchase through a subsidiary of a significant stake in central Vietnam’s coming Hoiana integrated casino resort.
Deal is for remaining 34% stake:
According to a Thursday report from GGRAsia, Hong Kong-listed Suncity Group Holdings Limited’s Goal Summit Limited subsidiary was due to pay approximately $76.8 million in order to assume the entire issued share capital, associated obligations, liabilities and debts of Star Admiral Limited, which holds a 34% stake in a local firm known as Hoi An South Development Limited Project Company.
Hoiana to feature 140-table casino:
GGRAsia reported that Hoi An South Development Limited Project Company is currently building the $89 million beachfront Hoiana development in Quang Nam Province near the nation’s third largest city of Da Nang. When completed, the seven-phase Vietnamese project is due to feature food and beverage outlets, a golf course and a trio of hotels as well as a casino offering around 70 mass-market gaming tables alongside an identical number reserved for VIP players.
Completion awaiting bank authorization:
However, the media outlet further reported that Suncity Group Holdings Limited recently declared that it now does not anticipate completing its purchase of Star Admiral Limited until at least the end of August. It stated that this is because its target had yet to receive a letter of consent from an unnamed bank that had loaned the developer the cash to begin work on the Hoiana project.
Acquisition delayed for a second time:
Suncity Group Holdings Limited first announced the agreement to purchase Star Admiral Limited in July of 2017. But, similar reasons saw the Macau-headquartered firm postpone the deal to the end of March five months later before warning investors that comparable delays were likely to follow.