Scientific Game

Suncity Group shareholders approve Vietnam IR acquisition

Thursday, 23 November 2017 07:16
Share
Visit us

Shareholders of Suncity Group Holdings Limited have officially approved a HK$600 million acquisition of a 34% stake in Vietnam’s Hoi An South integrated resort, one of a handful of casinos tipped to take part in a three-year trial allowing locals to gamble.

The company announced this week that the takeover had received 100% approval at an extraordinary general meeting, with Suncity Group subsidiary Goal Summit Ltd to acquire the entire equity interest in and shareholder's loan owed by Star Admiral Ltd, a subsidiary of Suncity International Holdings. Both Suncity International Holdings and Star Admiral Ltd are wholly-owned by Mr Alvin Chau, who is also the majority shareholder and an executive director of Suncity Group Holdings.

The first phase of the Hoi An South development is due to open in mid-2019, according to Suncity Group, with Phase 1 to include gaming facilities with 140 gaming tables and around 1,000 slot machines as well as a hotel, condos and a golf course.

Suncity Group Holdings had previously announced that its HK$600 million interest will be paid through a HK$303 million promissory note and HK$297 million in convertible bonds.

“The group is confident in the outlook for the tourism sector in Vietnam and believes there will be an increasing demand for resort facilities in popular tourist destinations in the country, including Quang Nam province, which has received almost a quarter of the country’s total number of foreign visitors in 2016,” the company said.

A circular from Vietnam’s Ministry of Finance issued earlier this month stipulates 1 December as the official start date for the country’s long-awaited three-year trial that will see locals allowed to enter its casinos for the first time subject to certain strict requirements. However, there has been no official announcement yet as to which casinos will be included in the trial.

What's new

Okada Manila delays, Wynn Resorts litigation lead to Universal profit slump

Okada Manila delays, Wynn Resorts litigation lead to Universal profit slump Japan’s Universal Entertainment Corporation has recorded a net loss of ¥13.43 billion (US$125.4 million) for the nine months to 31 December 2017, a significant decline from its previously announced forecast due to construction expenses at Okada Manila, sluggish pachinko and pachislot sales and on... Thursday, 15 February 2018 06:48

Kenneth Rosevear retires from MGM China board

Kenneth Rosevear retires from MGM China board MGM China has announced the resignation of Kenneth Rosevear as a non-Executive Director. Rosevear steps down from the role just a day after the launch of the company’s new Macau integrated resort, MGM Cotai, which opened with a lavish ceremony on Tuesday. MGM said that Rosevear’s departure was... Thursday, 15 February 2018 06:47

Parisian Macao hits five billion social media impressions

Parisian Macao hits five billion social media impressions Sands China’s newest Macau integrated resort, The Parisian Macao, has attracted more than five billion impressions since opening in September 2016. The milestone was revealed by Chairman and CEO Sheldon Adelson in a filing to the Hong Kong Stock Exchange overnight outlining Sands China’s finan... Thursday, 15 February 2018 06:27

Sega Sammy shares sale sees shuffle of stakeholders

Sega Sammy shares sale sees shuffle of stakeholders Sega Sammy Holdings Inc’s Chairman, CEO and largest shareholder, Hajime Satomi, has sold off 74% of his stake in the company to an asset management firm controlled by he and his family. The sale of 23,558,000 shares to HS Company represents 10.12% of Sega Sammy’s issued share capital and has re... Thursday, 15 February 2018 06:02

Current Issue

Design For Profit

Design For Profit Architect Paul Steelman provides his insights into designing the most expensive privately funded buildings on earth and making and breaking trends. By Muhammad Cohen | Editor-at-Large EMINENT casino architect Paul Steelman helped create the Asian gaming boom with the groundbreaking design of Sands... Monday, 29 January 2018 15:11

Climbing the mountain

Climbing the mountain   ASX-listed Silver Heritage Group finally launched hotel and casino operations at its new Tiger Palace Resort Bhairahawa in late 2017, having survived the 2015 earthquake, a fuel blockade on the Nepal-India border and an AU$19 million (US$14.4 million) funding shortage as a result of the delays. ... Monday, 29 January 2018 15:07

Can sportsbooks survive a 1% tax on handle?

Can sportsbooks survive a 1% tax on handle?   The big news coming out of the United States this year is the likely striking down of the federal ban on sports betting. But with many states licking their lips in anticipation of added tax dollars, the sports betting industry may well have another crippling fight on its hands. THE US Supreme C... Monday, 29 January 2018 15:05

Herman Ng:Macau Pioneer

Herman Ng:Macau Pioneer Inside Asian Gaming discovers a bit more about Herman Ng, CEO and Executive Director of Macau-based slot machine services firm Asia Pioneer Entertainment (APE). Ben Blaschke: Can you start by telling us a bit about yourself and your background? Herman Ng: I grew up in Macau and then when I was 16 ... Monday, 29 January 2018 14:52