Group plans larger presence in Asia
Macau junket investor Suncity Group has again delayed completing the purchase of a multimillion-dollar resort project in Vietnam. In a filing to the Hong Kong Stock Exchange, the company announced that it won’t close the deal until August 31.
Suncity first agreed to buy a 34 percent stake in the project in July 2017. At the time owner Alvin Chau announced the company would invest $76.8 million in the project. In December, the closing date was delayed to March 31, then the date was moved again to July 31. In the August 8 filing, Suncity said the sale cannot proceed until Hoi An South Development Ltd. is approved by the bank for a loan.
The resort in central Vietnam will be built in phases. Phase I will include a casino with 1,000 slot machines and 140 gaming tables plus a hotel and golf course. A subsidiary of Suncity, Goal Summit Ltd., will acquire the 34 percent stake through the purchase of 100 percent of Star Admiral Ltd. Star Admiral is being sold to Goal Summit by Suncity, which is 100 percent-owned by Chau.
Suncity has been looking to expand into new markets in Asia. Suncity Group Executive Director Andrew Lo Kai Bong told GGRAsia in June that his company was looking for opportunities to acquire casinos in South Korea, the Philippines, Russia and Myanmar.
