Cheng family takes over Hoiana casino resort: report

Jul 21, 2023 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Hong Kong’s Cheng family, which had been previously connected to the Vietnam casino complex Hoiana Resort & Golf (pictured), has “assumed control” of day-to-day management of the property from LET Group Holdings Ltd, reported Bloomberg, citing people familiar with the matter.

Hong Kong-listed casino investor LET Group Holdings, formerly known as Suncity Group Holdings Ltd, had been responsible for the operations of the Hoiana resort. LET Group was previously headed by Alvin Chau Cheok Wa, a former Macau junket boss that in January was sentenced to 18 years in prison in aggregate.

According to Bloomberg’s sources, LET Group has ceased to be involved in the management of the Hoiana property, with Chow Tai Fook Enterprises Ltd now overseeing the resort’s operations.

Chow Tai Fook Enterprises is the Cheng family’s flagship investment firm, with stakes in other casino projects. The family also founded and runs the Hong Kong-based Chow Tai Fook Jewellery Group Ltd and New World Development Co Ltd. The latter is a Hong Kong-listed conglomerate focused on property development, infrastructure and services.

The Hoiana resort, a joint venture between Chow Tai Fook, LET Group and Vietnam-based investment management firm VinaCapital, features a foreigner-only casino, a golf course and several hotels.

The Hoiana complex currently houses four accommodation options. That includes Hoiana Hotel & Suites, Hoiana Residences and New World Hoiana Hotel. The fourth, the 330-room New World Hoiana Beach Resort , opened in late April.

A Rosewood-branded hotel, Rosewood Hoi An, is due to open “in 2024”, the promoter confirmed in May to GGRAsia.

New World and Rosewood are respectively accommodation brands of Hong Kong-based Rosewood Hotel Group, which is managed by the Cheng family.

In March, an entity called Let’s Win Group had a “grand opening ceremony” for a gaming club at Hoiana Resort & Golf. Identified as an “international tour operator” (ITO), Let’s Win Group’s overall business portfolio included “high-end travel services” and gaming operations.

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