Suncity Group announces Vietnam IR Hoiana to launch in 2021

Suncity Group has delayed the launch of its Vietnam integrated resort, Hoiana, until 2021 due to disruption caused by the global coronavirus pandemic.

The news formed part of the listed firm’s 2019 results announcement overnight, which saw a widened loss of RMB1.48 billion (US$209 million) on a 22.8% fall in revenue to RMB611.8 million (US$86 million) – primarily in the property development segment.

Hoiana, a joint venture between Suncity, Chow Tai Fook and VinaCapital Group, is located in Hoi An South in Vietnam’s Quang Nam province with the US$1 billion Phase 1 development to span more than 165 hectares. It will include a casino, restaurants, an 18-hole golf course and more than 1,000 hotel rooms along 4km of coastline.

Originally planned to launch in the first half of 2020, Suncity revealed overnight that the full opening of Hoiana will now take place in 2021 with an “exclusive preview” to be held later this year.

A recent photograph of development progress at Hoiana.

“I would like to take this opportunity to update my fellow shareholders that the highly anticipated grand opening of Hoiana is now scheduled to happen in 2021, with an exclusive preview of Hoiana in summer 2020 as a consequence of the uncertainties brought by coronavirus,” said Suncity Group Chairman Alvin Chau.

“Suncity’s investment in Vietnam is intended to be for a very long time. Now, there may be flight and visa disruptions to Vietnam; however, our long-term confidence towards the Vietnam market remains positive.

“We are working hard to ensure that Hoiana will be ready to welcome our first guests in the preview in summer. All of these set the stage for 2020 and beyond to become transformative years ahead for Suncity.”

While Hoiana has been delayed, Chau revealed plans to conduct a groundbreaking ceremony for the company’s Westside City Resorts World project in Manila in the near future, where piling works are already underway.

Suncity announced in October that it had signed an agreement to develop and operate the casino and hotel at Westside City Resorts World – a sprawling, multi-billion dollar leisure and entertainment township being developed on 31-hectares in Manila’s Entertainment City precinct. Suncity’s US$700 million contribution will cover an area of around 44,000 square meters and feature 400 gaming tables and 1,200 slot machines across both VIP and mass gaming, plus 400 five-star hotel rooms and 960 parking spaces, due to open in 4Q22.