Hoi An South Development Co Ltd (HASD), the Vietnam-based joint venture of which Suncity Group holds a 34% stake, has been granted a casino operating license for its Vietnamese integrated resort, Hoiana.
In a Hong Kong Stock Exchange filing, Suncity revealed HASD has been issued a Certification for the Eligibility for Casino Business, paving the way for the US$4 billion project to launch its first phase in early 2021. The license is valid until 10 December 2080.
Hoiana, a joint venture between Suncity, Chow Tai Fook and VinaCapital Group, is located in Hoi An South in Vietnam’s Quang Nam province, with the US$1 billion Phase 1 development to span more than 165 hectares. It will include a casino, restaurants, an 18-hole golf course and more than 1,000 hotel rooms along 4km of coastline.
“I am thrilled to be granted a Casino Operating License in Hoiana,” said Suncity Group CEO Alvin Chau.
“We are now ready. The Casino Operating License will visualize my re-imagination of Suncity. Hoiana is now finally allowed to open its doors to offer guests an authentic Vietnamese experience embellished with sun, sea and sand.
“This is a very exciting time to witness my vision for Suncity to sprout from ground zero into a truly integrated resort company – a true metamorphosis for Suncity. Stay tuned for Hoiana’s exclusive preview in the summer and the Grand Opening in 2021.”
It’s been a big 24 hours for Suncity. Today’s Hoiana milestone, coupled with yesterday’s announcement by Japan’s Wakayama prefecture that Suncity’s Japan subsidiary is one of only two candidates to qualify for the local RFP (request for proposal) process to develop an integrated resort in Wakayama, is a major boost for the company’s long-held ambition of being a major Asian IR operator.
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