Vietnam delays Suncity casino transaction

Suncity Group Holdings wants to acquire 34 per cent of Hoi An casino stake.

Vietnam.- Suncity Group Holdings revealed this week to the Hong Kong Stock Exchange that the purchase of 34 per cent of Hoi An casino stake was delayed once again, as the company will not able to close the deal until the end of current month. According to the filling, the purchase now depends on Hoi An South Development’s bank approval to be completed.

The Vietnamese press informed that the sale is now “contingent upon the developer,” as Hoi An South Development needs an approval by the bank from which it had borrowed to build the popular resort, which would end its first phase of construction by 2019, as reported by the company earlier this year.

Lo Kai Bong, an executive director of Suncity Group will provide consultancy services to the company’s chairman and executive director Alvin Chau. The integrated resort project is under development in Hoi An South, in the Quang Nam Province of Vietnam and will include a tourism area, integrated resort and residential areas with a total of nearly 985 hectares.

The project will be built in phases, the first of which includes the building of the integrated resort complex with entertainment and retail facilities, which will have a casino with 140 gaming tables and 1,000 slot machines. It will also have a golf course clubhouse, a mass market hotel with 313 hotel rooms, an all-suite hotel with 136 suites, a hotel villa resort with 70 units, 30 villa units for sale and timeshare rental, and a condo-hotel with 236 rooms, also for sale and timeshare rental.