One of Hong Kong’s richest families has reportedly taken the reins at Hoiana, an integrated resort (IR) and casino near the Vietnamese port city of Da Nang.
The development could bode well for the IR, once controlled by jailed Macau junket king Alvin Chau. Chau’s participation in Hoiana was supposed to guarantee a healthy influx of high-rolling gamblers. Instead, in January he was sentenced to 18 years in prison for illegal gambling crimes. His downfall and that of his rival in the business, Alvin Chow of the Tak Chun Group, were the clearest indications that China is serious about reining in the VIP business and ending capital flight and money laundering.
According to Bloomberg, LET Group Holdings, once part of Chau’s Suncity Group, is no longer involved in the management of Hoiana, but has handed over control to the Cheng family’s Chow Tai Fook Enterprises.
The IR began as a joint venture between Chow Tai Fook, LET and investment management firm VinaCapital. It has a casino with 140 gaming tables and more than 350 gambling machines; a golf course; and luxury hotel brands run by the Chengs. At buildout, the resort will reflect a total investment of about US$4 billion.
With more relaxed rules and regulations, Vietnam is seen as an alternative for VIP players in Asian markets.
