Macau group builds Vietnam’s largest casino
Construction is currently underway for Vietnam’s so far biggest casino as part of the Hoiana Resort on an ocean stretch in Vietnam’s central province of Quang Nam, south of Da Nang. The $4-billion resort is being built by Macau-based SunCity Group in a joint-venture with Hong Kong’s VMS Investment Group and local conglomerate VinaCapital .
SunCity Group is a casino operator based in the world’s largest casino hub, Macau. VMS Investment Group is founded in Hong Kong in 2006, a leader in multi-strategy investments. VinaCapital are one of the largest foreign investors in Vietnam’s real estate market, with a diverse $1.5 billion portfolio, including a collection of hotel and leisure assets.
The first phase of the project, which includes a 140-table casino and a golf course, is due to open in 2019. The second phase, which will add a lagoon, water park, second golf course, entertainment village and four more beach resorts, is slated to open by 2023.
Anthony Chiu, Suncity’s chief financial officer, said the cost of the first phase was $650 million, of which VinaCapital, Suncity and VMS have put in around $70 million each, with the rest coming from bank financing.
He said that Suncity was optimistic for Hoiana, citing strong government backing, local support through VinaCapital and large-scale infrastructure works like the four-lane highway that will connect it to Danang’s international airport 40 kilometers away.
Vietnam is betting big on developing a gambling industry, targeting Chinese tourists who have been flocking to the country in recent years.
But competition around Asia is heating up, with Macau, the world’s largest gambling center, building more resorts, and South Korea and the Philippines expanding their casino footprints. Other countries like Cambodia and Singapore also compete in the sector.
Currently, there are fewer than ten casinos in Vietnam, mostly smaller ones outside major cities. At present, only foreign passport holders can enter and gamble in them. Vietnamese are not allowed to gamble at the casinos.
Construction is currently underway for Vietnam’s so far biggest casino as part of the Hoiana Resort on an ocean stretch in Vietnam’s central province of Quang Nam, south of Da Nang. The $4-billion resort is being built by Macau-based SunCity Group in a joint-venture with Hong Kong’s VMS Investment Group and local conglomerate VinaCapital . SunCity Group is a casino operator based in the world’s largest casino hub, Macau. VMS Investment Group is founded in Hong Kong in 2006, a leader in multi-strategy investments. VinaCapital are one of the largest foreign investors in Vietnam’s real estate market, with a diverse...
Construction is currently underway for Vietnam’s so far biggest casino as part of the Hoiana Resort on an ocean stretch in Vietnam’s central province of Quang Nam, south of Da Nang. The $4-billion resort is being built by Macau-based SunCity Group in a joint-venture with Hong Kong’s VMS Investment Group and local conglomerate VinaCapital .
SunCity Group is a casino operator based in the world’s largest casino hub, Macau. VMS Investment Group is founded in Hong Kong in 2006, a leader in multi-strategy investments. VinaCapital are one of the largest foreign investors in Vietnam’s real estate market, with a diverse $1.5 billion portfolio, including a collection of hotel and leisure assets.
The first phase of the project, which includes a 140-table casino and a golf course, is due to open in 2019. The second phase, which will add a lagoon, water park, second golf course, entertainment village and four more beach resorts, is slated to open by 2023.
Anthony Chiu, Suncity’s chief financial officer, said the cost of the first phase was $650 million, of which VinaCapital, Suncity and VMS have put in around $70 million each, with the rest coming from bank financing.
He said that Suncity was optimistic for Hoiana, citing strong government backing, local support through VinaCapital and large-scale infrastructure works like the four-lane highway that will connect it to Danang’s international airport 40 kilometers away.
Vietnam is betting big on developing a gambling industry, targeting Chinese tourists who have been flocking to the country in recent years.
But competition around Asia is heating up, with Macau, the world’s largest gambling center, building more resorts, and South Korea and the Philippines expanding their casino footprints. Other countries like Cambodia and Singapore also compete in the sector.
Currently, there are fewer than ten casinos in Vietnam, mostly smaller ones outside major cities. At present, only foreign passport holders can enter and gamble in them. Vietnamese are not allowed to gamble at the casinos.
