BILLIONAIRE HONG KONG FAMILY ACQUIRES HOIANA RESORT

Hong Kong’s billionaire Cheng family has taken control of Hoiana Resort & Golf in the central province of Quang Nam. The resort was once run by Suncity Group, a conglomerate led by the now-jailed Macau gambling tycoon Alvin Chau.

Following the deal, the resort's activities are now managed by Chow Tai Fook Enterprises, the Cheng family's flagship investment firm, as reported by Bloomberg.

The Hoiana resort is a joint venture between Chow Tai Fook, LET Group, and VinaCapital. The resort boasts a casino with 140 gaming tables and over 350 gambling machines, a golf course, and luxury hotels under the Cheng family’s New World and Rosewood brands.

Hoiana completed its first phase of an overall $4 billion development project, encompassing 1,000 hectares of land just south of Hoi An in Quang Nam.

With stricter laws and greater taxes at home, many Macau operators are turning to Southeast Asia for business opportunities.

Experts say Vietnam has the potential to be a regional hub for VIP casino gambling thanks to low operating costs and more relaxed regulations. Casinos in Vietnam rely significantly on high rollers from abroad as the country forbids locals from entering the majority of its gambling establishments.

Source: VIR