• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 10 July 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
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
No Result
View All Result
IAG
No Result
View All Result

Reports claim Chow Tai Fook’s Cheng family has taken over management of Vietnam resort Hoiana

Ben Blaschke by Ben Blaschke
Sun 23 Jul 2023 at 09:27
Former Galaxy exec Jit Ng joins Hoiana as Chief Marketing Officer

Hoiana

87
SHARES
2.2k
VIEWS
Print Friendly, PDF & Email

Hong Kong’s powerful Cheng family, which owns and operates global jewelry giant Chow Tai Fook, has taken over management of Vietnam integrated resort Hoiana, according to a report by Bloomberg.

Citing people who are familiar with the matter, Bloomberg claims the Cheng family’s investment firm Chow Tai Fook Enterprises has assumed control of Hoiana’s day-to-day operations from LET Group Holdings, formerly known as Suncity Group.

Chow Tai Fook is a joint venture partner in Hoiana alongside LET Group and local conglomerate VinaCapital. Opened in mid-2020 into the teeth of the COVID-19 pandemic, the US$1 billion first phase of the integrated resort boasts four hotel brands operated by Rosewood Hotel Group, which is helmed by Sonia Cheng, daughter of Chow Tai Fook chairman Henry Cheng.

There are a total of seven phases over 13 years planned for Hoiana at a total cost of US$4 billion, with the final vision to include a multitude of hotels and residences, two 18-hole golf courses, MICE facilities, commercial space, high-end and outdoor retail and the existing Hoiana Suncity Casino, which offers around 140 gaming tables 350 electronic gaming machines.

The future of Hoiana has, however, been under a cloud ever since the arrest of Suncity Group CEO Alvin Chau in late 2021. The arrest of Chau, who has since been jailed for 18 years, proved a key moment in the collapse of the China-facing junket industry which was to have provided a majority of Hoiana’s VIP customers.

Hoiana recorded gross gaming revenue of just US$82.5 million in 2022, albeit improved from US$20.8 million in 2021.

It is unclear what direction the Cheng family, which has links to Macau’s SJM Resorts via a legacy 10% stake in parent STDM, will take Hoiana should the Bloomberg report be substantiated.

Aside from its SJM interest, Chow Tai Fook also holds a 4.99% stake in troubled Australian casino operator Star Entertainment Group as well as a 25% stake in Star’s AU$3.6 billion Queen’s Wharf Brisbane integrated resort development, due to open in early 2024.

Chow Tai Fook also assumed control of US$3.5 billion Caribbean integrated resort Baha Mar in 2016.

RelatedPosts

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

Star’s Hong Kong partners offer one month reprieve to complete Queen’s Wharf Brisbane deal

Mon 7 Jul 2025 at 08:55
Star celebrates long-awaited opening of AU$3.6 billion Queen’s Wharf Brisbane development

Star’s Hong Kong partners terminate deal to acquire 100% of Queen’s Wharf Brisbane

Mon 30 Jun 2025 at 13:40
10 years ago – Tricky balance

10 years ago – Tricky balance

Fri 27 Jun 2025 at 12:17
Load More
Tags: Chow Tai FookHenry ChengHoianaintegrated resortLET GroupVietnam
Share35Share6
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 – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

PhilWeb falls to US$10.5 million loss in FY24 on asset impairments

Century Entertainment signs joint venture agreement to develop gaming system platforms for Asia-Pacific markets

by Newsdesk
Thu 10 Jul 2025 at 06:22

Century Entertainment International Holdings Ltd has announced the formation of a joint venture with Philippines-based World Platinum Technologies Inc (WPT) with the goal of conducting research, development, marketing and sales of WPT’s gaming system platforms and related content in the...

Macau GGR hits new post-pandemic high of MOP$20.8 billion in October

Citi: Macau industry EBITDA likely to have grown by 3% in 2Q25

by Ben Blaschke
Thu 10 Jul 2025 at 05:46

Investment bank Citigroup believes the 8% year-on-year growth in gaming revenues generated by Macau’s casino operators in the June quarter will translate to 3% industry EBITDA growth – somewhat tempered by an unfavorable revenue mix due to a rebound in...

Thailand’s casino bill officially on hold after House votes to remove it from agenda

Thailand’s casino bill officially on hold after House votes to remove it from agenda

by Ben Blaschke
Thu 10 Jul 2025 at 05:42

Thailand’s controversial casino bill is officially off the House agenda after members voted in favor of its withdrawal on Wednesday. Local media outlet The Nation reported that the vote took place after two hours of debate, with 253 votes in...

Macau government says ratio of local staff employed by concessionaires in middle and senior positions now at 90%

Macau government says ratio of local staff employed by concessionaires in middle and senior positions now at 90%

by Pierce Chan
Wed 9 Jul 2025 at 19:46

Around 90% of the middle and senior staff of Macau’s six concessionaires are now local employees, the government has revealed. According to information made public by Secretary for Economy and Finance Tai Kin Ip during a plenary session of the...



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

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
  • 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