Published On: Wed, Feb 27th, 2019

Hoiana Casino Resort to Open in Vietnam in 2021

A new huge casino is poised to open in Vietnam. The investors of the new Hoiana integrated resort and casino in the city of Hoi An are confident that the development will be able to open its doors to the public in 2021. This is according to Hoiana’s major overall backer, Suncity Group Holdings Ltd, which recently revealed that the project has just received an additional $60 million (PAB60.08 million) advance investment. GGRAsia reports that on top of Suncity’s own direct $65 million(PAB65.09 million) advance, along with $34 million (PAB34.05 million) from an “independent third party,” the added $60 million (PAB60.08 million) puts the total financial backing for Hoiana at $159 million (PAB159.22 million).

Half of the new $60 million (PAB60.08 million) advance comes from Star Admiral Ltd, which itself is an indirect, wholly-owned subsidiary firm of Suncity. This $30 million (PAB30.04 million) will be via Gold Yield Enterprises (GYE), a controlling shareholder facility that is 50% owned by Star Admiral and is in charge of financing the amount. Another entity involved is Alpha Era Investments Ltd, which owns the remaining 50% of GYE but identified in the filing as owned by the said “independent third party.” While these Suncity groups own 67% of Hoi An South Development Ltd, the property’s developer, Vietnam’s VinaCapital Corporate Finance Ltd owns the remaining 34%. Notably, Suncity has already advanced almost a total of $100 million (PAB100.14 million) to the development of the planned integrated resorts and casino.

“It is necessary for GYE and the project to have sufficient funds for its future business development and to meet its capital needs for development,” said Suncity in a statement. These recent developments are certainly good news for the backers and developers behind Hoiana, as the group has come upon its fair share of obstacles in past.

In Vietnam, the gambling laws are very strict. And only recently have the locals been legally allowed to play in actual casinos. ExpatBets’ guide to Vietnamese betting regulations recalls that in 2017, the government issued Decree Number 3 to supplement its existing gambling laws. This decree allowed local citizens to enter and gamble inside casinos under certain conditions. First, the casino provider and/or operator must have invested a minimum of $2 billion (PAB2.002 billion) in total to welcome citizens. Second, not only must gamblers be at least 21 years old, they are also required to have a monthly income of at least 10 million dong (PAB432.19) to enter. Third, they must have no criminal record. And fourth, they also need to secure permission from their family members.

Given the new policies for gambling and casinos in the country, Suncity is confident that Hoiana is well-poised to benefit from the growing tourism sector not just in Vietnam but in Southeast Asia as a whole. It also helps that the project is located in the well-preserved and ancient city of Hoi An, which itself is already a well-known tourist destination among Asians and westerners alike. While Suncity has already provided a preview of Hoiana’s operations early this June, it has scheduled the full opening of the property some time in 2021.

CREDIT: Pixabay

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