“Phase 1 is currently under development and is expected to be completed between 2019 quarter four and 2020 quarter 1,” read the filling Suncity Group Holdings sent to the Hong Kong Exchanges.
The first phase includes more than 1,000 hotel rooms, a casino with 140 gaming tables and over 300 slot machines, as well as a golf course.
The Hoiana project comes with seven phases to be developed over a span of 13 years on a site of approximately 985.5 hectares. The project is located on the south coast of Hoi An, near the Vinpearl Resort & Golf Nam Hoi An.
On August, 28 2018, the Hong Kong-based property developer completed the acquisition of the entire equity interest and shareholder’s loan owed by Star Admiral, which held approximately 34 per cent indirect equity interest in the Hoiana project.
The Hoiana project was launched in late 2010 by a joint venture between local investment management and real estate development firm VinaCapital and Genting Berhad Malaysia. Genting Berhad however announced its withdrawal two years later.
Hong Kong conglomerate Chow Tai Fook and Macau junket operator Suncity Group (the sister company of Suncity Group Holdings) then became investors and started construction of the project in 2017. Total registered investment capital of the project is more than $4 billion.
The Danang Crown International Club is currently the only casino in the central region of Vietnam that is open to foreigners. Upon its completion, Hoiana casino will become the second one that will welcome foreign visitors.
Various foreign investors have entered the casino business in Vietnam in recent years as the country has been witnessing a rising number of international visitors.
Last June, Singaporean investor Banyan Tree Holdings was permitted to raise its charter capital from $175 million to $300 million and boost its investment in the Laguna Lang Co project in Thua Thien Hue from $875 million to $2 billion.
The additional capital is spent on its casino business and more hotel rooms. The entertainment service area is expected to be put into operation in 2021, which includes 2.64-hectare casino worth of $250 million.
The Grand Ho Tram Strip project in Ba Ria-Vung Tau is also operating a casino within its resort complex, with an addition of another one is currently being under construction.
These casinos are only open foreigners and overseas Vietnamese. Corona Casino, located on the north of Phu Quoc island, is the only casino in Vietnam which is presently available for local citizens.