Hong Kong-based investment firm VMS Group said Thursday that it has assumed a controlling 75% stake in Hoi An South Development Ltd (HASD), developer and operator of Vietnam’s Hoiana Resort & Golf in Quang Nam Province, following a shareholder restructure and capital raise exercise.
VMS, which is linked to Hong Kong jewelry giant Chow Tai Fook, has also outlined details of a comprehensive restructuring of HASD that will see long-time President and CEO Steve Wolstenholme step down after seven years in the role. He will be replaced as President of HASD by Benny Chong, the Chairman and CEO of the VMS Group, while Alan Teo has been named CEO. Teo, former Chief Operating Officer of Singapore’s Resorts World Sentosa, has spent the past two-and-a-half years as COO of Universal Hotels and Resorts Inc – operator of NUSTAR Resort and Casino in Cebu, Philippines.
VMS Group was part of Hoiana’s original three-way ownership structure that also included Hong Kong-listed Suncity Group and Vietnamese investment management and real estate firm VinaCapital. It is understood that Suncity Group, since renamed LET Group following the arrest of its Chairman and primary financial backer Alvin Chau in 2021, has been looking to offload its Hoiana stake for some time to help fund a US$1.1 billion casino development in Manila.
It was reported back in 2023 that VMS Group had taken over day-to-day management of the Vietnam resort from LET Group.
Hoiana itself has faced challenges since opening in 2020 given that its customer base was supposed to be largely sourced from the database of the Suncity junket group also helmed by Chau. Suncity and other leading Macau junkets were shuttered shortly after Chau’s arrest as authorities cracked down on the sector.
VMS Group said Thursday that a restructuring of HASD was necessary to ensure that project-financed development can be implemented in time to achieve its development objectives, to provide additional support to the HASD management team, and to strengthen the implementation capacity and liaison with Vietnamese authorities.
“The changes in leadership are part of our commitment to adapt and evolve to the ever-changing business landscape, ensuring that our company remains at the forefront of our industry as we continue to expand our project,” it said.
“Looking ahead, our focus remains on delivering exceptional services to our clients and fostering a workplace culture that encourages collaboration, innovation, and growth.
“Our mission is to establish Hoiana into a world-class integrated resort for both business and leisure visitors. Hoiana aims to transform the south of Hoi An into a premier travel destination, attracting both domestic and international tourist visitation. This will significantly increase tourism-related revenues and skilled jobs for the region, create vast investment opportunities for investors globally, and enhance GDP growth and tax revenues for Vietnam and the province.”
Hoiana currently boasts 1,200 high-end hotel rooms, a world-class one golf course, convention facilities, restaurants and other entertainment options.
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