Hong Kong’s Cheng family to manage central Vietnam casino complex
Hong Kong’s powerful Cheng family has taken over management of Vietnam’s first integrated resort Hoiana in the central province of Quang Nam, according to a Bloomberg report.
Hoiana Resort & Golf is a joint venture between Chow Tai Fook, LET Group Holdings (formerly known as Suncity Group of jailed Macau gambling kingpin Alvin Chau) and Vietnam’s leading investment management firm VinaCapital.
VinaCapital continues to maintain its holding in the integrated resort, a VinaCapital source told The Investor Monday.
The holding ratios of each side in the joint venture are not disclosed as contracted, the source added.
The Hoiana features a casino with 140 gaming tables and over 350 gambling machines, a golf course, and luxury hotels under the Cheng family’s New World and Rosewood brands.
Alvin Chau was arrested in November 2021 for conducting illegal gaming activities and was sentenced to 18 years in prison in Macau earlier this year. Listed unit Suncity Group was taken over by executive director Andrew Lo last year and renamed LET Group.
LET Group has ceased to be involved in the management of the Hoiana, the Bloomberg report said.
More facilities are under construction to complete the resort, with a total expected investment of around $4 billion, it added.
“The Hoiana Resort & Golf has all the factors to attract international visitors,” its president and CEO Steve Wolstenholme told The Investor in an interview this March.
The property is located on a four-kilometer long coastline near the ancient town of Hoi An, which was listed as a UNESCO World Heritage Site in 1999.
Along with the Cu Lao Cham archipelago, the town is also part of the Cu Lao Cham-Hoi An Biosphere Reserve, designated by the UNESCO in 2009.
Hoiana has four luxury hotels managed by Rosewood Hotel Group (Hoiana Hotel & Suites, New World Hoiana and upcoming New World Hoiana Beach Resort and Rosewood Hoi An), an 18-hole golf course, and a casino with cutting-edge equipment, Wolstenholme said.
“At Hoiana, visitors will have many opportunities to enjoy high-class services and the most diverse experiences,” he added.
- Read More
National Citizen Bank to double charter capital to $471 mln
Vietnam's National Citizen Bank (NCB) on Saturday reaffirmed a plan to issue private placement shares to increase its charter capital by VND6.2 trillion to VND11.8 trillion ($471.3 million).
Companies - Sun, April 14, 2024 | 10:09 am GMT+7
Hanoi, HCMC primary condo prices move in opposite directions
Primary prices of condominiums in Hanoi soared in Q1/2024 on high demand from homebuyers, but slid in Ho Chi Minh City, according to major property service firms Savills and CBRE.
Real Estate - Sun, April 14, 2024 | 8:00 am GMT+7
Swire Coca-Cola earns 2023 profit of $44 mln in Vietnam
Swire Coca-Cola, the beverage division under Hong Kong-based Swire Pacific, earned a revenue of KHD3,734 million ($476.4 million) in Vietnam in 2023, the parent firm said in its annual report.
Companies - Sun, April 14, 2024 | 7:00 am GMT+7
Peaceful fishing village on northern Vietnam's Da River
In the vibrant town of Hoa Binh, the northern province of Hoa Binh, nestled amid majestic mountains and winding rivers, lies a serene fishing village at the foot of the Hoa Binh 3 bridge.
Travel - Sat, April 13, 2024 | 10:46 pm GMT+7
Hanoi-based firm eyes green hydrogen-ammonia plant in Phu Yen province
Hanoi-based Minh Thach D&L Green Hydrogen JSC has proposed to invest in a green hydrogen-ammonia plant in the South Phu Yen Economic Zone, Vietnam's south-central province of Phu Yen.
Energy - Sat, April 13, 2024 | 10:45 pm GMT+7
200 drones light up Hanoi’s Thay Pagoda Festival
Hanoi’s Thay Pagoda Festival, organised alongside a ceremony to receive the National Intangible Cultural Heritage of Thay Pagoda, is taking place at the pagoda area from April 12-16.
Travel - Sat, April 13, 2024 | 10:13 pm GMT+7
Two cultural elements in northwestern Vietnam named national intangible cultural heritage
The Ministry of Culture, Sports and Tourism has recently inscribed the decorative art on costumes of the Lao ethnic group and the making of khau xen and chi chop cakes by the White Thai ethnic group on the National Intangible Cultural Heritage list.
Travel - Sat, April 13, 2024 | 10:09 pm GMT+7
International retail giants intensify focus on Vietnamese products
Multinational retail giants Walmart, Central Retail, Aeon and Lulu, operators of mega grocery networks and outlets, are prioritizing Vietnamese items as they expand their supply chain.
Companies - Sat, April 13, 2024 | 10:07 pm GMT+7
Vietnamese pharma firm Bidiphar sets $13 mln pre-tax profit target
Vietnamese pharma major Binh Dinh Pharmaceutical Medical Equipment JSC (Bidiphar) has set 2024 revenue and pre-tax profit targets of VND2,000 billion ($79.9 million) and VND320 billion ($12.78 million), respectively.
Companies - Sat, April 13, 2024 | 7:49 pm GMT+7
CS Wind’s Vietnam unit to deliver wind turbines to South Korea project
CS Wind Vietnam, a unit of South Korea’s CS Wind Corporation, has held a ceremony for delivery of first wind turbines from its factory in Vietnam’s southern province of Ba Ria-Vung Tau to South Korea’s southwestern province of Jeonnam.
Energy - Sat, April 13, 2024 | 2:29 pm GMT+7
Vietnam gold prices plunge after central bank’s increased supply announcement
Gold prices at major retailers in Vietnam plummeted Saturday morning after the country’s central bank stated that it will increase supply of the precious metal to cool the ongoing buying fever.
Banking - Sat, April 13, 2024 | 2:07 pm GMT+7
Apartment price bubble looms if other housing segments fail to emerge: expert
The apartment segment in Vietnam may find itself in a bubble this year if other housing segments are not put on the market soon, said economist Le Xuan Nghia.
Real Estate - Sat, April 13, 2024 | 2:01 pm GMT+7
Businesses forced to return $399 mln to freshly convicted Vietnamese tycoon Truong My Lan
Quoc Cuong Gia Lai Corporation and other businesses have been ordered to return VND10 trillion ($399.4 million) and over 1,000 taels of gold to the disgraced tycoon Truong My Lan and get back projects they had sold to her and Van Thinh Phat Group's member companies.
Economy - Sat, April 13, 2024 | 10:55 am GMT+7
Cash to flow into stocks, real estate on back of gold rally, low interest rates
While gold prices have been climbing sharply, deposit interest rates remain low, and the stock market has experienced recent corrections, so where should people put their money to make a profit? The Investor spoke with Pham Manh Hung, vice head of the Research Institute for Banking, under the Banking Academy of Vietnam, about this issue.
Consulting - Sat, April 13, 2024 | 8:38 am GMT+7
Workers in Vietnam to enjoy five-day break for National Reunification, May Day
Public employees and workers in Vietnam will enjoy a five-day break to celebrate the National Reunification and May Day holidays from April 27 (Saturday) to May 1 (Wednesday) per a decision signed by Prime Minister Pham Minh Chinh.
Society - Fri, April 12, 2024 | 11:33 pm GMT+7
Thailand accelerates implementation of national AI strategy
Thailand is accelerating the implementation of its artificial (AI) strategy for 2022-2027 with a view to establishing itself as an AI hub in Southeast Asia by 2027.
Southeast Asia - Fri, April 12, 2024 | 11:24 pm GMT+7