Suncity to launch Vietnam resort by summer

Business | Avery Chen 31 Mar 2020

Suncity Group (1383) plans to have a soft opening of its integrated resort Hoiana in Hoi An, Vietnam, this summer before officially launching next year.

That came after the junket operator posted its net loss extended 1.76 percent to 1.48 billion yuan (HK$1.35 billion) in 2019, mainly due to the change in fair value of derivative financial instruments and recognition of impairment on interest in an associate. Its revenue also fell 22.81 percent to 611.83 million yuan.

Chairman Alvin Chau Cheok-wa said that the Vietnam project may encounter short-term disruptions and other effects brought by the coronavirus pandemic, but "Suncity's investment in Vietnam is intended to stay for a very long time."

The resort will include more than 1,000 hotel rooms, a casino with 140 gaming tables and over 300 slot machines, as well as a golf course.

Meanwhile, the average occupancy rate for Macau hotel rooms plunged by 76.9 percentage points from a year ago to 15 percent in February due to a sharp decline in tourist arrivals amid the Covid-19 outbreak, data from Macau's Statistics and Census Service showed.

The occupancy rate for five-star hotels dived by 84 percentage points to 10 percent last month.

The number of hotel guests recorded in February slumped by 85.4 percent to 157,000, with those from Hong Kong and mainland China dropping 81 percent and 86.3 percent year-on-year respectively.

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