• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 3 August 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

Hoiana GGR US$13.6 million in 1H21 but Suncity Group stays profitable

Ben Blaschke by Ben Blaschke
Wed 1 Sep 2021 at 06:39
Expanding Horizons
44
SHARES
1.1k
VIEWS
Print Friendly, PDF & Email

Suncity Group’s Vietnam integrated resort Hoiana recorded gross gaming revenue of US$13.6 million in 1H21, improved from previous quarters but a clear indication of the ongoing impact of COVID-19 on Asia’s destination resorts.

The update formed part of Suncity’s earnings release for the six months to 30 June 2021, which saw the Hong Kong-listed company record a profit of RMB320.0 million (US$49.5 million), up 99% year-on-year. The increase was non-cash in nature, however, attributable instead to a gain on change in fair value of derivative financial instruments of RMB449.4 million and profit of RMB147.1 million from discontinued operations. Adjusted EBITDA was a loss of RMB33.7 million.

Hoiana, Suncity’s joint venture project near Hoi An that held a soft opening in mid-2020, has been impacted by COVID-19 ever since launch. 1H GGR of US$13 million was an improvement of the second half of 2020 when GGR totaled just US$5.9 million. VIP revenue in H1 contributed the majority with US$8.9 million, while US$2.7 million was from mass gaming tables and US$1.4 million from EGMs. Revenue from non-gaming totaled US$1.6 million.

At Russian integrates resort Tigre de Cristal, of which Suncity holds a substantial interest via its controlling stake in Summit Ascent Holdings, GGR was HK$139.1 million with Adjusted EBITDA of HK$17.2 million.

Suncity said its travel related products and services recorded a substantial decrease in revenue from RMB67.7 million to RMB27.0 million in 1H21, and no revenue from property development.

“In the past two decades, I have witnessed Asia gaming’s exponential growth, its downturns and its shifts towards leisure and entertainment, but none of these was even faintly comparable to the pandemic now, because borders grinding to a halt is a completely new phenomenon,” said Suncity CEO Alvin Chau.

“Our core strategy is to preserve cash and liquidity while retaining flexibility to adapt to the challenges brought by the pandemic and changing market conditions.

“The afterlife of the Asian entertainment sector post-COVID awaits, because what doesn’t kill you, makes you stronger.”

RelatedPosts

Corona shines

Vietnam eyes permanent exemption allowing casino gambling for locals in Phu Quoc

Tue 15 Jul 2025 at 17:00
Chow Tai Fook-linked VMS Group assumes controlling stake in Hoiana, names Benny Chong and Alan Teo to lead new management team

Former Newport World Resorts CMO David Jorden joins Hoiana as EVP of Gaming

Wed 9 Jul 2025 at 06:20
10 years ago – Tricky balance

10 years ago – Tricky balance

Fri 27 Jun 2025 at 12:17
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
Load More
Tags: Alvin ChauRussiaSuncity GroupTigre de CristalVietnam
Share18Share3
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Better late than never

Editorial – Better late than never

by Ben Blaschke
Thu 31 Jul 2025 at 07:13

Inside Asian Gaming has in recent weeks been hearing increasing chatter around a possible move by Vietnamese authorities to introduce...

Angel’s Yasushi Shigeta

Angel’s Yasushi Shigeta

by Ben Blaschke
Thu 31 Jul 2025 at 07:08

Yasushi Shigeta, Chairman and owner of one of the world’s largest gaming industry suppliers, Angel Group, sits down with Inside...

The Magic Number

The Magic Number

by David Bonnet
Thu 31 Jul 2025 at 06:41

In this in-depth deep dive into the evolution of the Asian gaming landscape, David Bonnet argues that many regional jurisdictions...

Rashid Suliman – A road well traveled

Rashid Suliman – A road well traveled

by Ben Blaschke
Thu 31 Jul 2025 at 02:45

Rashid Suliman, Vice President of Global Gaming Asia-Pacific for casino solutions provider TransAct Technologies, provides some insight into his unique...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

We’re Back!

Executive reshuffle sees RWS CEO Lee Shi Ruh named President and COO of parent company Genting Singapore

by Ben Blaschke
Sat 2 Aug 2025 at 15:26

Genting Singapore has announced the promotion of Ms Lee Shi Ruh, the recently appointed CEO of Resorts World Sentosa Pte Ltd, as its new President and Chief Operating Officer. Lee has until now served as Genting Singapore’s CFO. In a...

Star to open AU$3.6 billion Queen’s Wharf Brisbane development on 29 August

Star’s Hong Kong partners officially terminate Queen’s Wharf Brisbane acquisition deal

by Ben Blaschke
Fri 1 Aug 2025 at 13:02

Star Entertainment Group’s Hong Kong partners have officially closed the door on a deal that would have seen them acquire Star’s 50% stake in their AU$3.6 billion Queen’s Wharf Brisbane development. In a Friday release, Star confirmed that Chow Tai...

Macau GGR up 19% year-on-year to MOP$22.1 billion in July, sets new post-pandemic record

Macau GGR up 19% year-on-year to MOP$22.1 billion in July, sets new post-pandemic record

by Ben Blaschke
Fri 1 Aug 2025 at 12:49

Macau’s casinos recorded gross gaming revenue of MOP$22.13 billion (US$2.73 billion) in July, up 19.0% year-on-year and setting a new post-pandemic record, according to information from the Gaming Inspection and Coordination Bureau (DICJ). The month-on-month rise comes largely unexpected, with...

Melco’s long-stalled Countdown Hotel at City of Dreams to be converted into 150-key all-suite hotel

Melco’s long-stalled Countdown Hotel at City of Dreams to be converted into 150-key all-suite hotel

by Ben Blaschke
Fri 1 Aug 2025 at 06:45

Melco Resorts & Entertainment has revealed new plans for its long-stalled Countdown Hotel transformation project at City of Dreams Macau, with the tower to be rebranded and its existing 330 standard hotel rooms converted into 150 high-end suites. The renovation...

Your browser does not support the video tag.


IAG

© 2005-2025
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

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English
  • 日本語