Suncity Group will provide technical and pre-opening services for its Hoiana integrated resort in Vietnam through a wholly-owned subsidiary, Suncity Group Management and Consultancy Ltd. (Hoi An).
SGMC will be active during the planning, design, construction and pre-opening phases of the areas it will manage once the resort is operational, reported Asia Gaming Brief.
SGMC will be paid fees of US$1.3 million plus US$800,000 for the first six months followed by US$133,333 per month for six months. An ongoing monthly fee of US$133,333 will be paid if SGMC is retained long-term.
Union Gaming Asia Securities analyst Grant Govertsen said the IR could putthe Macau junket operator in a “better position” to win a Macau gaming license in the event a seventh license is issued, “not only because Suncity will be a bona fide IR operator with local roots, but because licensing Suncity would also repatriate VIP dollars to Macau where it provides a benefit to the local community.”
Construction on Hoiana began in August 2017. Phase I of the resort is set to open in 2019. The entire integrated resort project, in Vietnam’s Quang Nam Province on the South China Sea, will be completed in 2035 at a total cost of $4 billion. Spanning 985 hectares (2,440 acres), the South Hoi An development will be the largest tourist destination in Quang Nam.
