Macau’s Suncity again defers Hoiana casino-resort stake purchase

By Ngoc Linh    August 12, 2018 | 09:20 pm PT
Macau’s Suncity again defers Hoiana casino-resort stake purchase
A model of the resort project by Suncity with nearby constructions is shown at Hoiana, Vietnam, March 26, 2018. Photo by Reuters/Farah Master
Hong Kong's Suncity Group Holdings has twice delayed a deal in the last two months to acquire 34 percent of a casino-resort in Quang Nam Province.

In a statement to the Hong Kong Stock Exchange, the Macau casino operator and investor said it is waiting for the joint venture between VinaCapital and Hong Kong’s Chow Tai Fook to obtain approval from a Vietnamese bank, which has given a loan to the developers of Hoiana.

So it is postponing completion of the deal, worth $76.8 million, until August 31 this year, the firm said.

“It is expected that the bank consent will be obtained on or before August 31, 2018. Save for the condition relating to the bank consent, all other conditions have been fulfilled.”

In June Suncity had said difficulties in acquiring land for the project caused it to put off the deal until July 31.

VinaCapital and Chow Tai Fook have since acquired the 163 hectares required for phase 1 of the development.

Suncity announced plans to acquire the stake in the casino and resort in July last year.

The $4 billion project was initially planned by VinaCapital and Malaysia’s Genting Group, but in 2012 the latter pulled out, and in 2015 Chow Tai Fook came on board.

Hoiana is one of eight casinos to be licensed in Vietnam now.

To be built in seven phases it will have a casino with 140 tables and around 1,000 slot machines, guest rooms and a golf course.

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