$4 billion South Hoi An casino resort to kick off in April
$4 billion South Hoi An casino resort to kick off in April
The construction of the first phase of the $4 billion South Hoi An integrated casino resort, invested by a joint venture of Vietnam-focused asset management firm VinaCapital, Macau-based SunCity Group, and Hong Kong-based Chow Tai Fook Enterprises Ltd., will start on April 23.
Accordingly, phase 1’s construction will be implemented on an area of 160 hectares with a total capital of $500 million and is expected to reach completion in the first quarter of 2019.
Once the resort comes into operation, it will be the second largest casino in Vietnam, after the Ho Tram Strip resort and casino complex located in the southern province of Ba Ria-Vung Tau. Besides, the Prime Minister has recently approved the addition of a golf course to the South Hoi An resort, as part of the golf course development plan by 2020.
Licensed in 2010, the project was initially developed by VinaCapital and Genting Malaysia Berhad, and comprised of five-star hotels, villas, and an electronic gaming facility mostly targeting foreign tourists.
However, in September 2012, Genting suddenly announced its withdrawal in the midst of site clearance, forcing VinaCapital to find other partners to jointly develop the project.
After over two years of searching, VinaCapital has finally found prestigious partners in SunCity Group and Chow Tai Fook Enterprises Ltd. to replace Genting Group for their proposed $4 billion integrated casino resort.
On March 23, 2015, the Quang Nam People’s Committee officially granted an amended investment certificate for the project, officially recognising SunCity Group and Chow Tai Fook Enterprises as stakeholders working in conjunction with VinaCapital. Accordingly, Chow Tai Fook and VinaCapital are now strategic investors and SunCity, which is 70 per cent owned by Chow Tai Fook, will cooperate with its mother company to manage and run the resort.
Chow Tai Fook is engaged in property development, hotels, casinos, transportation, and jewellery. Meanwhile, SunCity Group is a casino operator at the world’s largest casino hub, Macau.
