Suncity Subsidiary To Lend US$17mln To Hoiana Casino

According to a Friday filing to the Hong Kong bourse, a subsidiary of Suncity Group Holdings Ltd is to lend an additional US$ 17 million to the developer of the undeveloped Hoiana casino resort in Vietnam.

Hong Kong-listed Suncity Group Holdings is managed by Alvin Chau Cheok Wa, the boss of the Suncity Group Macau VIP gambling junket.

The Suncity brand is one of the investors in the Hoiana casino scheme, and there, according to a May filing, the listed company of the group is to handle casino operations. In press releases related to the project, Hoiana was identified as a multi-phase US$ 4-billion growth.

A first phase is expected to open in this year. The property will not–at least initially–have the national government’s permission to participate in an industry pilot scheme whereby economically eligible Vietnamese players can play in new large-scale resorts.

Last month, Suncity Group reported that it did not expect the current health warning on coronavirus to impact the “pre-soft opening” of that scheme.

In a filing on Friday, the listco said its affiliate Star Admiral Ltd–a wholly-owned indirect company registered in the British Virgin Islands (BVI)–will advance US$ 17 million to the promoter of the Hoiana project, Gold Yield Enterprises Ltd, another BVI business. The latter is owned by Star Admiral and by Alpha Era Investments Ltd, a BVI company described as an “independent third party” in relation to Suncity Group Holdings, for 50 percent.

The interim report of Suncity Group Holdings, released in September, announced that Hoiana will have seven phases -to be built over a 13-year period -on a site of approximately 985,5 hectares (2,435 acres).

The filing noted that phase one will include more than 1,000 hotel rooms, a casino with 140 gaming tables and more than 300 slot machines, and a golf course.