• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 5 June 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Suncity Group awards itself management rights for Vietnam IR Hoiana

Newsdesk by Newsdesk
Tue 14 May 2019 at 06:53
Expanding Horizons
66
SHARES
1.6k
VIEWS
Print Friendly, PDF & Email

Suncity Group has confirmed that its wholly owned subsidiary, Suncity Group Management and Consultancy Limited (Hoi An), will provide all management services to the casino and food and beverage facilities of its Vietnam integrated resort Hoiana, due to open in late 2019.

In an overnight announcement, Suncity said that SGMC (Hoi An) had reached an agreement with the entity that owns Hoiana, Hoi An South Development Ltd, for exclusive management rights for a period of 10 years. Those rights include establishing the rates for the gaming and other facilities; managing revenue from the operation of the casino and issuing invoices and collecting fees from customers or operators; purchasing or renting facilities required for the operation of the casino; performing all ordinary maintenance and repairs at the expense of the owner; preparation of the budget; and hiring the operating personnel of the casino.

In return, SGMC (Hoi An) will be paid a base management fee and an incentive fee, with the quarterly management fee representing 3% of mass GGR (net of VAT) plus up to 3% of VIP GGR depending on turnover. The incentive fee will be equal to 6% of gaming EBITDA.

It will also earn 3% of Hoiana’s gross F&B revenue and 6% of F&B EBITDA for managing the F&B facilities.

The 10-year agreement will automatically renew for another 10 years upon expiry unless either party chooses not to extend the term.

Hoiana is 34% owned by Suncity Group subsidiary Star Admiral via a complicated ownership structure in which Star Admiral holds a 50% stake in Gold Yield Enterprises Limited, which in turn owns 68% of Hoiana.

Suncity Group Chairman Alvin Chau recently agreed to lend the company HK$1.5 billion (US$192 million) of his own money to aid in its expansion initiatives throughout Asia after it announced a loss of RMB1.46 billion (US$217.5 million) in 2018. However, Suncity Group’s lucrative junket operations don’t fall under its listed arm.

 

 

 

 

 

 

 

 

RelatedPosts

Less than one month remaining to MGS Summit 2022

Macau GGR sets new post-COVID high of MOP$21.2 billion in May

Sun 1 Jun 2025 at 12:53
Vietnam asks PM to grant approval for US$2 billion Van Don casino development in Quang Ninh province

Vietnam asks PM to grant approval for US$2 billion Van Don casino development in Quang Ninh province

Sun 1 Jun 2025 at 11:26
Queensland regulator looking into Townsville, Cairns casinos over unlicensed junket links: report

Australia’s financial crime watchdog sets sights on regional casinos The Ville and Mindil Beach

Sun 1 Jun 2025 at 09:33
10 Years Ago – Reimagining Sri Lanka

Sri Lanka gazettes draft bill to establish Gambling Regulatory Authority

Sat 31 May 2025 at 06:03
Load More
Tags: Alvin ChaucasinoHoi anHoianairSuncity GroupVietnam
Share28Share4
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Galaxy, Melco and Wynn to attend major media event “Thai Entertainment Complex Roundtable” alongside Thai voices opposing entertainment complex industry

Thailand Entertainment Complex Roundtable at Grand Hyatt Erawan Bangkok is on today 

by Ben Blaschke
Thu 5 Jun 2025 at 06:09

The Thailand Entertainment Complex Roundtable (TECR) – a unique and important Asian industry event – is on today.  Taking place at the prestigious Grand Hyatt Erawan Bangkok, TECR will see leading international integrated resort operators Galaxy Entertainment Group, Melco Resorts...

Grand Korea Leisure’s June casino sales down 68% on 2019 levels

Grand Korea Leisure continues steady rise with casino revenues of US$22.4 million in May

by Newsdesk
Wed 4 Jun 2025 at 23:50

Foreigner-only casino operator Grand Korea Leisure reported casino revenue of KRW30.6 billion (US$22.4 million) in May, up 4.0% year-on-year but down 15.3% compared with April. GKL’s casino revenue comprised a 1.9% year-on-year increase in table revenue to KRW27.1 billion (US$19.8...

Korea recovery continues as Paradise Co sees June revenue soar 25.9%

Korea’s Paradise Co enjoys best month of the year in May as casino revenues hit US$61 million

by Newsdesk
Wed 4 Jun 2025 at 23:43

Leading Korean foreigner-only casino operator Paradise Co reported casino revenue of KRW83.6 billion (US$61.2 million) in May, up 10.3% year-on-year and 24.2% higher than in April, according to information filed with the Korea Exchange. It was also the company’s best...

Macao Government Tourism Office to hold roadshow in Bangkok this Friday, all six concessionaires to attend

Macao Government Tourism Office to hold roadshow in Bangkok this Friday, all six concessionaires to attend

by Pierce Chan
Wed 4 Jun 2025 at 23:35

The Macao Government Tourism Office (MGTO) will host a large-scale roadshow in Bangkok this Friday, with all six concessionaires in attendance as they look to further promote Macau’s tourism appeal. According to information from the tourism body, the roadshow represents...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文
  • 日本語

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English
  • 日本語