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SunCity Group to acquire casino project

Released at: 17:35, 03/08/2017

SunCity Group to acquire casino project

Photo: GGRAsia

Subsidiary to pick up holding in Hoi An South Integrated Resort, Quang Nam province, for $76.8 million.

by Doanh Doanh

Goal Summit Ltd., a subsidiary of casino junket operator the SunCity Group, is set to acquire a 34 per cent stake in a casino project in central Quang Nam province.

In a filing sent to the Hong Kong Stock Exchange last week, the company said that Goal Summit would buy the entire equity interest in Star Admiral Ltd. from Suncity International Holdings Ltd. for a total consideration of HK$600 million ($76.8 million).

Under the acquisition agreement, the purchaser intends to acquire 50,000 shares in Star Admiral Ltd, which is developing the Hoi An South Integrated Resort in a joint venture between SunCity, the Vietnam-based asset management company VinaCapital, and Gold Yield Enterprises Ltd., a subsidiary of the Hong Kong-based Chow Tai Fook Enterprises Ltd.

Goal Summit is chaired by Macau junket investor Alvin Chau Cheok Wa, who is also the owner of Suncity International Holdings, according to the filing.

“Through the acquisition, the group could acquire interests in the project and thereby tap into the promising tourism sector as well as the potentially expanding gaming market, in Vietnam, in line with the group’s objective of developing tourism-related business in the country,” SunCity said in the filing.

The Hoi An South development has received an estimated $89 million in investment to build the first phase of the integrated resort. The project will comprise of seven phases, with the first having a casino featuring 140 gaming tables and about 1,000 slot machines, as well as a golf course, hotel rooms and suites, and a condo-hotel.

The first phase is expected “to be completed on or before mid-2019,” the casino junket investor said.

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