After the imprisonment of Suncity Group CEO Alvin Chau, control of Vietnam's Hoiana casino resort was transferred from former public company Mr Chau's company to a Hong Kong billionaire, Bloomberg reported. It was inherited by the millionaire Chen family.
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Acquisition of Resort Control Interest
Alvin Chau ran LET Group Holding Ltd. as part of casino giant Suncity Group.He was also involved in running the Hoiana Resort near the Vietnamese port city of Da Nang, but sources said he has now dissolved such involvement.
The Chen family acquired control of the resort on the basis that Chang Tai Fu Enterprise Co., Ltd., a family-affiliated investment company, now oversees the operation of the resort.
However, sources say the news is based on rumors around the resort, with someone confirming a leadership change at the resort but claiming anonymity to divulge confidential information to sources.
$40 billion joint venture
The reason for the rumor appears to be the management structure of the Hoiana Resort.As previously reported, the resort is a joint venture between investment firm Cho Tai Phuc (close to the Chen family), LET Group (formerly run by Chau) and investment management firm Vina Capital.The Hoiana resort is still under development and some facilities are under construction.
When completed, it will feature 140 gaming tables, a casino with 350 gambling machines, a golf course and luxury hotels under the Chen family's New World and Rosewood brands, the latter of which is set to open in 2024, according to GGRAsia. is.
Deep involvement in resort development
Yasufuku Cho and the LET group have maintained no comment.But the fact that the Chen family's investments and hotel facilities are so deeply involved in the $40 billion launch of the Hoiana resort development means that investors will take over the helm and lead the ship into calm waters. may be considered a reason.
Chow's group also ran Macau's largest junket operator, which was reportedly cracked down over concerns about money laundering and capital outflow.
Chau was arrested in November 2021, charged with illegal gambling, and sentenced to 11 years in prison in Macau in 2023.Andrew Lo has reportedly taken over control of the company and changed its name to LET Group.
Competitive market
According to Bloomberg, Chau Thai Phuc is opening a resort in Hoiana amidst a situation in which Macau's junkets are about to venture into Southeast Asia after Macau's junket regulation law update came into effect shortly after Chau's arrest. will be acquired.
Macau junkets, which face stringent business regulations in their home country, see Vietnam as the perfect destination, given its looser rules and potential for revenue-sharing opportunities.Vietnam is also attractive because of its many casinos that rely on big gamblers from abroad.
recognize the possibilities
But the Chen family seems to have seen the same potential from the beginning of the Hoiana resort development.It appears that the company acquired the casino not only to complete the investment, but also to tap into the potential of the market.
The acquisition also speaks to the Chen family's use of the situation to gain the right to own the largest share of the revenue generated by Vietnam's top casino destination.
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