• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 9 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
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

95
SHARES
2.4k
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 gaming

Vietnam to introduce casino entry fee in place of financial capacity requirement under revamped pilot program for locals

Tue 5 Aug 2025 at 19:02
Hong Kong’s Far East Consortium reports first full year gaming revenue after Australian, European acquisitions

Star says deal now “unlikely” to offload Queen’s Wharf Brisbane assets to Hong Kong partners

Wed 30 Jul 2025 at 13:53
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
Load More
Tags: Alan TeoBenny ChongChow Tai FookHosannaSteve WolstenholmeSuncity GroupVietnamVinaCapitalVMS Group
Share38Share7
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

Ministry says foreign workers comprised majority of 2,000 laid-off RWS workers

JP Morgan highlights “strikingly large” gap between Singapore’s two IRs as Resorts World Sentosa falls to all-time low market share

by Ben Blaschke
Sat 9 Aug 2025 at 10:04

Investment bank JP Morgan on Friday whacked Singapore’s Resorts World Sentosa (RWS) for what he described as a “strikingly large” gap in market share and profit share in the three months to 30 June 2025. It also noted that the...

Licensed online operators respond to regulatory push by forming PlaySafe Alliance of the Philippines

Licensed online operators respond to regulatory push by forming PlaySafe Alliance of the Philippines

by Newsdesk
Sat 9 Aug 2025 at 10:01

A group of 19 licensed online gaming operators in the Philippines have come together to form the PlaySafe Alliance of the Philippines – a unified industry association they say is committed to responsible gaming, regulatory compliance, consumer protection and combatting...

IGT to unveil comprehensive game portfolio, new jackpots at Australasian Gaming Expo

IGT to unveil comprehensive game portfolio, new jackpots at Australasian Gaming Expo

by Newsdesk
Fri 8 Aug 2025 at 12:56

IGT will showcase 10 new game families as well as a revamped jackpot strategy for the local ANZ market at the upcoming Australasian Gaming Expo (AGE) taking place at ICC Sydney from 12 to 14 August 2025. This will also...

Large-scale events center at Wynn Palace part of US$750 million worth of Macau project investments planned by Wynn through end-2026

Large-scale events center at Wynn Palace part of US$750 million worth of Macau project investments planned by Wynn through end-2026

by Ben Blaschke
Fri 8 Aug 2025 at 05:54

Wynn Macau Ltd is looking to spend up to US$750 million through the end of 2026 on a series of upgrade and expansion projects at its Macau resorts, including development of a new large-scale events center at Wynn Palace. The...

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

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

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

  • 中文
  • English