Macau junket operator Suncity Group Holdings Limited has finished the buy of Vietnam-based integrated resort developer Star Admiral Limited after the finalization of the deal had been delayed several times.
In a filing to the Hong Kong Stock Exchange, Suncity Chairman Alvin Chau Cheok Wa explained that the deal was closed on Tuesday, August 28 and Star Admiral is currently wholly owned by his own firm.
The transaction was originally assumed to be finished late last year, but the involved parties postponed the move multiple occasions over the previous several months.
The Macau-based junket operator agreed to buy the Vietnamese integrated resort developer for a full consideration of HK$600 million, of which HK$303 million was paid using a promissory note worth HK$303 million, while the rest of the purchase price was covered via the issuance of convertible bonds worth HK$297 million.
Suncity subsidiary Goal Summit Limited acquired the entire issued share capital, related duties, debts and liabilities of Star Admiral.
It is important to say that the acquisition price secures Suncity’s participation in a ambitious integrated resort project now in the works in Hoi An South, Quang Nam Province.
More Regarding the Hoi An Casino Resort Scheme
Star Admiral participates in a $4-billion scheme for the development of an integrated resort with distinct gaming and non-gambling choices in Vietnam’s Quang Nam Province. The project also involves local asset manager VinaCapital Group and a Vietnamese subsidiary of Hong Kong-based conglomerate Chow Tai Fook Enterprises.
The project is planned to be completed in seven phases over a period of 13 decades. The first phase is slated for 2019 completion and launch. First phase of the integrated resort, that will occupy a total area of 985.5 hectares once fully built and functional, will include a casino, hotel rooms and suites, a condominium hotel, and a golf course, among other facilities. The casino portion of the resort will incorporate 140 gaming tables and 1,000 slot machines. Developers have previously stated that another 1,000 slot machines could be attracted on the gaming floor with future phases of the project.
According to Augustine Ha Ton Vinh, a scholar who has advising the government of Vietnam on its own planned gaming growth, the Hoi An casino may be among the country’s casino facilities that will admit nationals.
A Government Decree that took effect in January began a three-year pilot application that will enable Vietnamese citizens to perform at a select number of the nation’s casinos. Nationals might need to be aged 21 and above and to get a monthly earnings of VND10 million in order to be allowed to gamble at casinos that are local. The three-year program aims to collect information regarding the gaming behavior of residents of the country and whether a permanent legislation allowing them to see local casinos must be released.
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