• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 4 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
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

Chow Tai Fook-linked VMS Group assumes controlling stake in Hoiana, names Benny Chong and Alan Teo to lead new management team

Ben Blaschke by Ben Blaschke
Thu 30 Jan 2025 at 10:29
Chow Tai Fook-linked VMS Group assumes controlling stake in Hoiana, names Benny Chong and Alan Teo to lead new management team

Hoiana Resort & Golf in Quang Nam Province, Vietnam

90
SHARES
2.3k
VIEWS
Print Friendly, PDF & Email

Hong Kong-based investment firm VMS Group said Thursday that it has assumed a controlling 75% stake in Hoi An South Development Ltd (HASD), developer and operator of Vietnam’s Hoiana Resort & Golf in Quang Nam Province, following a shareholder restructure and capital raise exercise.

VMS, which is linked to Hong Kong jewelry giant Chow Tai Fook, has also outlined details of a comprehensive restructuring of HASD that will see long-time President and CEO Steve Wolstenholme step down after seven years in the role. He will be replaced as President of HASD by Benny Chong, the Chairman and CEO of the VMS Group, while Alan Teo has been named CEO. Teo, former Chief Operating Officer of Singapore’s Resorts World Sentosa, has spent the past two-and-a-half years as COO of Universal Hotels and Resorts Inc – operator of NUSTAR Resort and Casino in Cebu, Philippines.

VMS Group was part of Hoiana’s original three-way ownership structure that also included Hong Kong-listed Suncity Group and Vietnamese investment management and real estate firm VinaCapital. It is understood that Suncity Group, since renamed LET Group following the arrest of its Chairman and primary financial backer Alvin Chau in 2021, has been looking to offload its Hoiana stake for some time to help fund a US$1.1 billion casino development in Manila.

It was reported back in 2003 that VMS Group had taken over day-to-day management of the Vietnam resort from LET Group.

Hoiana itself has faced challenges since opening in 2020 given that its customer base was supposed to be largely sourced from the database of the Suncity junket group also helmed by Chau. Suncity and other leading Macau junkets were shuttered shortly after Chau’s arrest as authorities cracked down on the sector.

VMS Group said Thursday that a restructuring of HASD was necessary to ensure that project-financed development can be implemented in time to achieve its development objectives, to provide additional support to the HASD management team, and to strengthen the implementation capacity and liaison with Vietnamese authorities.

“The changes in leadership are part of our commitment to adapt and evolve to the ever-changing business landscape, ensuring that our company remains at the forefront of our industry as we continue to expand our project,” it said.

“Looking ahead, our focus remains on delivering exceptional services to our clients and fostering a workplace culture that encourages collaboration, innovation, and growth.

“Our mission is to establish Hoiana into a world-class integrated resort for both business and leisure visitors. Hoiana aims to transform the south of Hoi An into a premier travel destination, attracting both domestic and international tourist visitation. This will significantly increase tourism-related revenues and skilled jobs for the region, create vast investment opportunities for investors globally, and enhance GDP growth and tax revenues for Vietnam and the province.”

Hoiana currently boasts 1,200 high-end hotel rooms, a world-class one golf course, convention facilities, restaurants and other entertainment options.

RelatedPosts

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
Vietnam’s The Grand Ho Tram breaks ground on US$1 billion expansion, says government talks ongoing over “growth drivers”

Vietnam’s The Grand Ho Tram breaks ground on US$1 billion expansion, says government talks ongoing over “growth drivers”

Fri 16 May 2025 at 06:08
China-owned contractor of Chow Tai Fook’s Baha Mar ordered to pay US$1.6 billion to original owner for “many acts of fraud”

New York appellate court dismisses China Construction America’s appeal in US$1.6 billion Baha Mar fraud case

Wed 9 Apr 2025 at 05:59
William Weidner, Paul Steelman named as part of new financial center and integrated resort project in Vietnam’s Da Nang

Vietnam sets new quarterly record for international visitor arrivals in 1Q25

Tue 8 Apr 2025 at 05:22
Load More
Tags: Alan TeoBenny ChongChow Tai FookHosannaSteve WolstenholmeSuncity GroupVietnamVinaCapitalVMS Group
Share36Share6
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 – 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

Genting’s KT Lim moving to take New York’s Resorts World Catskills private

Genting Malaysia completes full acquisition of troubled US entity Empire Resorts

by Newsdesk
Wed 4 Jun 2025 at 04:53

Genting Malaysia said via a Tuesday filing that it has now completed the acquisition of the 51% interest in New York entity Empire Resorts Limited that it didn’t already own from the family trust of Genting Group patriarch Lim Kok...

A who’s who of Thai society to join major local media contingent for TECR 

A who’s who of Thai society to join major local media contingent for TECR 

by Ben Blaschke
Tue 3 Jun 2025 at 18:55

The Thai Entertainment Complex Roundtable (TECR), taking place this Thursday 5 June at Grand Hyatt Erawan Bangkok, will see a very select audience of around 50 invited guests as well as leading local mainstream media in attendance.  This unique event...

Victory against all odds: How Paris Saint-Germain won the UEFA Champions League for the first time

Victory against all odds: How Paris Saint-Germain won the UEFA Champions League for the first time

by Newsdesk
Tue 3 Jun 2025 at 17:30

CLIENT PROMOTION For years, world-class footballers have been the face of Paris Saint-Germain (PSG). Stars like Zlatan Ibrahimović, Neymar, Messi and Kylian Mbappé thrilled fans with dazzling performances and consistent triumphs in Ligue 1. The squad’s lineup of star newcomers...

FBM Philippines closes the first semester of 2025 with exciting Champion sa Panalo Ngayong Hunyo promotion

FBM Philippines closes the first semester of 2025 with exciting Champion sa Panalo Ngayong Hunyo promotion

by Newsdesk
Tue 3 Jun 2025 at 17:26

CLIENT PROMOTION FBM Champion sa Panalo Ngayong Hunyo is set to close the first semester in the Philippines with exciting thrills and prizes. Organized by the global gaming brand, this campaign runs from 4 to 28 June across more than...



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