It’s a done deal: Macau junket investor Suncity Group has confirmed that its wholly owned subsidiary, Suncity Group Management and Consultancy Ltd. (Hoi An) will provide all management services to the casino and food and beverage operations of Vietnamese integrated resort Hoiana, due to open in late 2019.
The 10-year deal was reached last week between Suncity and Hoi An South Development Ltd. According to Inside Asian Gaming, per the agreement Suncity will be responsible for establishing the rates for gaming and other facilities; manage casino revenues and facilities; oversee maintenance; prepare the budget; and hire casino personnel. Its SGMC unit will be paid a management fee of 3 percent of mass GGR and up to 3 percent of VIP GGR depending on turnover. The incentive fee will be equal to 6 percent of gaming EBITDA, IAG reported.
It will also earn 3 percent of Hoiana’s gross F&B revenue and 6 percent of F&B EBITDA for managing the F&B facilities.
Suncity subsidiary Star Admiral owns 34 percent of Hoiana. In an interview with the Macau News Agency, Suncity said Hoiana is the group’s priority in its Southeast Asian expansion plans. The project involves a total investment of US$4 billion and is located in Da Nang.
