• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Hoiana accumulates US$248mln loss to Jan: report

Apr 26, 2022 Newsdesk Latest News, Rest of Asia, Top of the deck  


Hoiana accumulates US$248mln loss to Jan: report

The Hoiana casino resort complex (pictured) in Hoi An, Vietnam, had an “accumulated loss” amounting to VND5.67 trillion (US$248.1 million) as of January this year, reported the Vietnam Investment Review, citing a document generated by Quang Nam province, the place where the property is based.

Suncity Group Holdings Ltd, a Hong Kong-listed firm that has an approximately 34-percent stake in Hoiana, had said in a March filing on its 2021 results, that its share of loss on Hoiana was about HKD438.0 million (US$55.8 million).

Other investors in Hoiana – which has previously been described as being a US$4-billion scheme once all phases are completed – are Vietnamese asset manager VinaCapital Group, with 32 percent, and Hong Kong-based VMS Asset Management Ltd, with 34 percent.

The property – with a casino available only to foreigners – had a preview opening that began in June 2020, amid pandemic-related restrictions on inbound tourism to Vietnam.

Hoiana had been identified by some casino industry commentators at the time of its planning and development, as likely to appeal to Chinese high rollers.

Alvin Chau Cheok Wa, a former chairman of Suncity Group Holdings, also founded the privately-held casino junket brand, Suncity Group. Mr Chau was detained in Macau in November, under suspicion of facilitating online gambling overseas by Chinese players.

Suncity Group Holdings said in its annual results filed on March 30, that in future it would be focusing not on Chinese gambling customers but on “the rise of the mega-rich and middle-class customers in South Korea, Japan, Singapore, Thailand, Malaysia, the Philippines etc.”

The firm said they were the “fundamentals of demand for high-quality integrated resorts with a localised theme in Asia”.

Mainland China has been having a well-flagged crackdown on cross-border gambling.

In October, Hoiana’s on-site management had confirmed to GGRAsia that the property was taking part in a “vaccine passport programme” for jabbed foreign visitors, which would enable them to holiday at the property.

Since then, Vietnam has been one of a number of Southeast Asian countries further relaxing inbound travel rules for tourists, according to local media reports, with Vietnam saying it was “fully reopening” its border to foreigners, with effect from March 15.


  • tweet
Related articles
  • Suncity listco to sell some units, US$16mln gain expected
    Suncity listco to sell some units,...

    May 11, 2022  

  • No material exposure to Macau junket debt cases: Wynn CEO
    No material exposure to Macau junket...

    May 11, 2022  

More news
  • Review saw no irregularity in Levo Chan link: Macau Legend
    Review saw no irregularity in Levo Chan...

    May 23, 2022  

  • Foreign tourists can get S.Korean peninsula visa from June 1
    Foreign tourists can get S.Korean...

    May 20, 2022  


Latest News

Review saw no irregularity in Levo Chan link: Macau Legend

Review saw no irregularity in Levo Chan link: Macau Legend

May 23, 2022  

Macau casino services firm Macau Legend Development Ltd says that a review conducted by an independent consultant “did not note any irregularity” in the dealings between the company and...
Read More
Foreign tourists can get S.Korean peninsula visa from June 1

Foreign tourists can get S.Korean peninsula visa from June

May 20, 2022  

Crown Resorts’ shareholders nod Blackstone bid

Crown Resorts’ shareholders nod Blackstone bid

May 20, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”We anticipate being live with iGaming products in two jurisdictions in the U.S. by the end of calendar year 2022"

Trevor Croker

Chief executive and managing director of Aristocrat Leisure



Most Popular

  • Foreign tourists can get S.Korean peninsula visa from June 1Foreign tourists can get S.Korean peninsula visa from June 1 May 20, 2022
  • Crown Resorts’ shareholders nod Blackstone bidCrown Resorts’ shareholders nod Blackstone bid May 20, 2022
  • Review saw no irregularity in Levo Chan link: Macau LegendReview saw no irregularity in Levo Chan link: Macau Legend May 23, 2022
  • Wynn CEO, Macau execs in base pay cut in return for sharesWynn CEO, Macau execs in base pay cut in return for shares May 17, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us