Latest Casino and Gambling News, Casino News, New Hotels, Casino project updates, Mergers, Acquisitions & Partnerships, Vietnam
Asian junket operator, Suncity Group Holdings Limited, has reportedly announced that it has signed an agreement that is to give it the exclusive right to operate gaming operations inside Vietnam’s under-construction Hoiana integrated casino resort.
According to a Tuesday report from GGRAsia, the Hong Kong-listed firm used an official filing to reveal that the ten-year deal is scheduled to begin immediately upon the opening of the first stage of the facility near the city of Da Nang, which is expected to occur during the fourth quarter of this year, and involve it managing a casino initially due to feature a selection of over 300 slots as well as 140 gaming tables.
Suncity Group purchased a controlling 34% stake in the Hoiana project in August and reportedly revealed that the new arrangement is to additionally see it oversee all of the coming 1,000-room development’s food and drink outlets.
In return, it disclosed that it will receive 3% of these facilities’ annual revenues as well as 6% of their associated earnings before interest, tax, depreciation and amortization.
Reportedly read the Monday filing from Suncity…