Asian junket operator, Suncity Group Holdings Limited, has reportedly completed its acquisition through a subsidiary of a substantial stake in central Vietnam’s under-construction Hoiana integrated casino resort.
Completion followed delays:
According to a report from boutique gaming event organizer, European Gaming Media and Events, the around $76.8 million deal was finalized on Tuesday following multiple delays over financing after first being approved by shareholders almost ten months ago.
However, the recent closing of the transaction means that the Macau-based firm’s Goal Summit Limited subordinate now owns all of the issued share capital, associated obligations, liabilities and debts of Star Admiral Limited, which holds a 34% stake in a local entity known as Hoi An South Development Limited Project Company.
Extensive offerings planned:
European Gaming Media and Events reported that Hoi An South Development Limited Project Company is currently in charge of building the $4 billion Hoiana development in Quang Nam Province near Vietnam’s third-largest city of Da Nang. When completed, the seven-stage beachfront project is expected to feature numerous food and beverage outlets, a golf course, water parks, a trio of hotels and a casino offering about 1,000 slots as well as approximately 140 gaming tables.
Premiere expected next year:
The first stage of the 2,471-acre development is expected to begin welcoming guests sometime during the middle of 2019 while Suncity Group Holdings Limited’s fellow stakeholders in the project are now Hong Kong-headquartered VMS Investment Group Limited and the local branch of global private equity firm VinaCapital Group Limited.