Cheng family takes over Hoiana Resort in Vietnam from Alvin Chau
Hong Kong’s billionaire Cheng family has taken control of Hoiana Resort & Golf in Vietnam’s central Quang Nam province from Macau gambling kingpin Alvin Chau, who was sentenced to 18 years in prison in early 2023, Bloomberg reported.
LET Group Holdings, which used to be part of Chau’s business empire Suncity Group, has withdrawn from the management of the Hoiana casino resort, located in southern Hoi An city near the beach city of Danang, Vietnam news has reported.
The Cheng family’s flagship investment firm Chow Tai Fook Enterprises now oversees the resort’s operations, people familiar with the matter said.
The Hoiana resort, a joint venture between Chow Tai Fook, LET Group, and investment management firm VinaCapital, 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. More facilities are under construction to complete the resort, with a total expected investment of around $4 billion.
In its 2022 financial report, LET Group announced that Hoiana posted $36.7 million in revenue and incurred adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of $38.69 million.
Vietnam is one of the top destinations thanks to more relaxed rules and the prospect of sharing VIP revenue with casinos, Bloomberg commented. Casinos in the country rely heavily on big gamblers from overseas, because local residents are banned from entering most gambling facilities. MDT
