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

Cebu City to move forward with casino resort plan

Cebu City to move forward with casino resort plan A Cebu City government official told local media on Monday that a proposed Php18 billion (US$356 million) integrated resort would proceed with its upcoming ground-breaking ceremony this Saturday in defiance of President Rodrigo Duterte’s apparent ban on new casinos. The IR, to be built on Kawit I... Tuesday, 21 August 2018 06:08

Success Universe issues positive profit alert

Success Universe issues positive profit alert Macau casino investor Success Universe has issued a positive profit alert ahead of its 1H18 results announcement next week. The group said late Monday that it expects to record an unaudited consolidated profit for the six months to 30 June compared with a loss for the same period last year. The pro... Tuesday, 21 August 2018 05:49

Another key departure as Cai Lingli steps down from Imperial Pacific board

Another key departure as Cai Lingli steps down from Imperial Pacific board Imperial Pacific International (IPI) has lost its second key board member in the space of a week with Cai Lingli – a relative of majority owner Cui Li Jie – stepping down as a director of the company and chairperson of the executive committee. Her departure comes just seven days after Marco Te... Tuesday, 21 August 2018 05:23

Melco Resorts confirms Studio City IPO plans in motion

Melco Resorts confirms Studio City IPO plans in motion Melco Resorts & Entertainment has confirmed that it is continuing preparations to launch an Initial Public Offering of shares in Studio City International Holdings – the holding company for its Studio City integrated resort in Macau. Updating the company’s intentions almost exactly a year s... Tuesday, 21 August 2018 04:56

Current Issue

OZ VIP: A new dawn

OZ VIP: A new dawn It has taken just 12 months for Australia’s VIP turnover to rebound following the arrests of 19 Crown Resorts employees in China in October 2016, but the balance of power between Australian operators has shifted dramatically in the process. By Ben Blaschke   Just 12 months after the release of... Sunday, 29 July 2018 22:32

Waiting for Garapan

Waiting for Garapan Imperial Pacific says it will miss another deadline for completing its Saipan casino hotel, and there’s no consensus on a completion date. Meanwhile, VIP roll and trade receivable numbers soar. By Muhammad Cohen   Imperial Pacific International continues to excel at manythings. Its monopoly ca... Sunday, 29 July 2018 22:27

License to thrill: How casino re-tendering will shape Macau’s future

License to thrill: How casino re-tendering will shape Macau’s future Professor Glenn McCartney takes a look at the impending Macau casino re-tendering process and why the government’s criteria for issuing licenses will shape the city’s tourism future. By Professor Glenn McCartney   Macau’s casino concession and sub-concession contracts will all end in a few... Sunday, 29 July 2018 22:21

Making live online gaming a reality

Making live online gaming a reality Latency has long been the ultimate challenge for online gaming operators in their quest to provide a quality product, but a new open framework technology could prove to be a game-changer. By Jaheer Abbas | Senior Director, SEA & India at Limelight Networks   It’s hard to imagine that onlin... Sunday, 29 July 2018 22:09