Waiting for results of pilot program
Would-be Vietnamese gamblers will have to wait a while to enter and play at Hoiana, a new casino resort set for a soft launch in Hoi An on Vietnam’s central coast in October.
According to Hong Kong-listed Suncity Group Holdings Ltd., one of the project’s investors, qualified locals will not be able to enter and play for at least two years, when a government-backed three-year trial of locals gaming is concluded.
In early 2017, the Vietnamese government first announced the pilot program, designating several gaming halls that would permit domestic players, who historically have been banned from playing in casinos. To enter, those customers must be age 21 or over and have a monthly income of at least VND10 million (US$430); they must also pay an entry fee.
Only casino resorts with a capital investment of at least US$2 billion are eligible to welcome local players; at total buildout, Hoiana is expected to cost twice that.
Suncity Executive Director Andrew Lo Kai Bong told GGRAsia that Phase I of the project will open in October, “and by then basically 90 percent of the first-phase content will be launched—such as the golf course and hotels. We’ve aimed a grand opening of it before the Chinese New Year period in 2020.” In addition to the 18-hole golf course, the resort will include the 270-unit Hoiana Residence condominium-hotel and three additional hotels with a total of 800 rooms.
Hoiana scheme is a joint venture of Vietnamese asset manager VinaCapital Group, a subsidiary of Hong Kong’s Chow Tai Fook Enterprises Ltd. and Suncity, which holds a 34 percent stake in the project.
“It is still not the right moment for us to apply” for permission to welcome locals, Lo told GGRAsia. He added that the venue would “definitely” do so when the results of the three-year pilot are in.
