Suncity, a junket and casino service provider based in Macau, announced its plans to invest in a hotel and casino resort on Phu Quoc, Vietnam’s largest island. The news comes as Alvin Chau Cheok Wa, the company’s CEO, holds talks with Vietnamese authorities.
The complex is set to be located in Rach Tram hamlet on the north side of Phu Quoc island. Suncity’s first choice of location for the resort was Bai Truong, the island’s largest beach, according to Vietnamnet – however, this area has already been given to other investors.
Nguyen Thanh Nghi, Vice Chair of Kien Giang Province, expressed his approval of Suncity’s interest in Vietnam. He encouraged the company to submit an application along with an investment plan, while urging them to carefully study the local regulations.
Suncity has recently made moves to expand into ASEAN and will soon begin operating the City of Dreams Solaire Resort and Casino in Manila, one of the largest in the Philippines.
The company is private, but is offering a share subscription plan worth HK$1 billion for Suncity Group Manila. There are 200 shares in total and out of those, 100 shares will be subscribed Suncity. The other 100 shares can be subscribed at a cost of HK$5 million each.
Several other countries in Southeast Asia, such as Malaysia, Cambodia, and Singapore, have begun developing their casino gaming industry in order to attract more tourism and cater to wealthy gamblers in Asia who up until lately, only had Macau as a choice.
“Asia is a long way off from saturation where, potentially, new supply would eat into existing operator revenues,” said Michael Paladino, senior director at Fitch Ratings. “The overall pie will continue to grow.”