The first phase of a US$4-billion casino scheme on Vietnam’s central coast, involving entities linked to Macau junket investor Suncity Group, is to create an estimated 2,000 jobs for local residents, according to a Thursday press release from the project development firm.
The gaming resort (pictured in an artist’s rendering), located in Quang Nam province, and to be branded as “Hoiana”, is being promoted and developed by Hoi An South Development Co Ltd. The project is a venture between: Suncity Group; Vietnam-based asset management firm VinaCapital Group; and a subsidiary of Hong Kong-based Chow Tai Fook Enterprises Ltd.
In the Thursday statement, Hoi An South Development noted Hoiana would include hotels, homes, a beachfront village, a conference centre, a hospitality industry training college, a “water sports hub”, and a “giant lagoon” for swimming – all to be developed in phases “over the next 10 to 15 years”.
The project would “set a new benchmark for high-end tourism in Vietnam, bringing economic prosperity and opportunity to Quang Nam province,” Amy Do, the project firm’s head of business development was quoted in the release as saying.
The press statement highlighted the project developer’s commitment to establishing the “hospitality school”, to train employees not only for the Hoiana project, but also for other tourism businesses in the economically developing region. The statement did not specify the timetable for setting up such a facility.
Thursday’s announcement said the first phase of Hoiana would open in the first quarter of 2019. In a Wednesday filing by Hong Kong-listed Suncity Group Holdings Ltd – an entity chaired by Suncity Group’s boss Alvin Chau Cheok Wa – that firm mentioned the casino resort was likely to start operations in the second quarter of 2019.
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Analyst at Roth Capital Partners