Suncity Set to Up Its Game in Asia with Possibility of Casino Acquisition
Suncity Group Holdings Pvt. Ltd., Asia’s largest gaming promoter and junket operator is looking to expand operations and diversify into pure gaming.
For the past eleven years, Suncity Group has promoted gaming establishments in Macau and quickly grew to include a vast number of other Asian casino hotspots in their portfolio. The Hong Kong-listed company is now reportedly visiting properties with the intention of launching their own casinos around Asia.
The group has already scouted casinos in South Korea, the Philippines, Russia and Myanmar. If all goes as planned then the acquisitions are likely to happen somewhere in the near future. As an already established junket operator, Suncity could very well promote their own casinos using their existing business model.
Executive Director of Suncity Group, Andrew Lo Kai Bong was reported saying that the company is studying the possibility of their present and future businesses working in conjunction with each other.
As per Suncity’s 2017 Annual Report, the company already has ongoing property developments in China’s Guangdong province, Anhui province, and in Shenzhen. Plans for property development in Liaoning province were also announced.
Another ongoing project that Suncity Group is committed to completing and managing is the impressive Hoiana project in the Quang Nam province of Vietnam. Suncity Group will hold a 34% share of the project following completion of the deal on July 31st, 2018. The deal was to be finalized on May 31st but was deferred to the new July 31st deadline.
Hoiana is slated to be a beachfront resort and leisure township. The 403 acres will house a casino complex, golf courses, resorts, residential villas, theme park, beach club and more. The Hoiana project will cost $4 billion and will be the result of the combined efforts of Chow Tai Fook Group subsidiary Golden Yield Enterprise (GYE) and Vietnam-based Vinacapital along with Suncity. Hoiana, which got approval in 2015 will be Vietnam’s biggest tourist destination once completed.
Suncity Group’s diversification into owing casinos seems to be a natural step forward for the growth of the company. Gamin analysts however feel that the new venture could affect their present business as a junket operator. Posing direct competition to other casinos and gaming clubs might cause these establishments to withdraw their business from Suncity. But for now, Suncity looks all set to take on the world of casino gambling by storm and make a big break in the business.