Suncity group holdings limited completes vietnam purchase

Asian junket operator, Suncity Group Holdings Limited, has reportedly completed its acquisition through a subsidiary of a substantial stake in central Vietnam’s under-construction Hoiana integrated casino resort.
Completion followed delays:
According to a report from boutique gaming event organizer, European Gaming Media and Events, the around $76.8 million deal was finalized on Tuesday following multiple delays over financing after first being approved by shareholders almost ten months ago.

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However, the recent closing of the transaction means that the Macau-based firm’s Goal Summit Limited subordinate now owns all of the issued share capital, associated obligations, liabilities and debts of Star Admiral Limited, which holds a 34{0a0adcaafe9770827e6ab56be318d0069ef4f32175d81b31cf6d082b7b511d3b} stake in a local entity known as Hoi An South Development Limited Project Company.

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Extensive offerings planned:
European Gaming Media and Events reported that Hoi An South Development Limited Project Company is currently in charge of building the $4 billion Hoiana development in Quang Nam Province near Vietnam’s third-largest city of Da Nang. When completed, the seven-stage beachfront project is expected to feature numerous food and beverage outlets, a golf course, water parks, a trio of hotels and a casino offering about 1,000 slots as well as approximately 140 gaming tables.

Premiere expected next year:
The first stage of the 2,471-acre development is expected to begin welcoming guests sometime during the middle of 2019 while Suncity Group Holdings Limited’s fellow stakeholders in the project are now Hong Kong-headquartered VMS Investment Group Limited and the local branch of global private equity firm VinaCapital Group Limited.