GGRAsia – Suncity listco unit inks agreement for Cambodia project

Suncity listco unit inks agreement for Cambodia project

Sep 06, 2018 Newsdesk Latest News, Rest of Asia, Top of the deck

Hong Kong-listed Suncity Group Holdings Ltd says one of its units signed on Wednesday an agreement to offer consultancy and management services to a casino resort to be developed in Cambodia.

The “strategic partnership framework agreement” is between Suncity Group Management and Consultancy Ltd and Cambodia-registered Golden Sun Sky Entertainment Co Ltd, said Suncity Group Holdings in a filing that same day.

According to the statement, Golden Sun Sky’s project is located at Otres Beach, in the southern coastal city of Sihanoukville. It is close to the Vietnamese island of Phu Quoc, where several integrated resorts – conceived as gaming and entertainment venues – have been built and more are reportedly being planned.

The Cambodia project is described as featuring a casino, hotels, restaurants, shops and convention space. The scheme – with an estimated investment of US$360 million – is likely to open be the end of 2019, stated Wednesday’s filing.

Under the agreement, Suncity Management Consultancy will provide advice and management services for Golden Sun Sky’s casino resort project, while cooperating on projects to explore new markets. The actual scope of services will be detailed in “specific contracts,” according to the filing. The Hong Kong-listed firm did not disclose the fees it would be entitled to under the agreement.

Golden Sun Sky is a subsidiary of China Yunnan Jingcheng Group Co Ltd, a mainland China-based group with a diverse investment portfolio. Jingcheng Group describes itself as an investor in construction, tourism and aviation. The company owns Ruili Airlines Co Ltd, a service carrier based at Kunming Changshui International Airport, which serves Kunming, the capital of China’s Yunnan province. Jingcheng Group is also the owner of JC (Cambodia) International Airlines Co Ltd, an airline based at Phnom Penh International Airport in Cambodia’s capital.

Suncity Group Holdings is chaired by Alvin Chau Cheok Wa (pictured right), who controls Macau junket investor Suncity Group. The Hong Kong-listed firm does not contain the profit streams of junket operations for privately-held Suncity Group. The junket brand is said by investment analysts to be the largest-single investor in junket room operations in the Macau market.

The agreement was signed by Mr Chau and the chairman of Jingcheng Group, Dong Lecheng (pictured left).

Suncity Group Holdings is also undertaking consultancy, design and management services for an integrated resort project in Van Don in Vietnam’s northern Quang Ninh province.