The integrated casino resort Hoiana, in Vietnam, is to receive a further cash boost from investors to aid with completion.
The multi-phase project, which is said to already be behind schedule, is now looking to open its doors in the first quarter of 2020 and the latest investment announcement will strengthen its plans.
Gold Yield Enterprises Limited, which holds a 50% stake in the Hoiana project is loaning $34m USD (approximately 30 million Euro) from Suncity Group Holdings Limited, which is listed on the Hong Kong Stock Exchange.
The loan is being provided by Star Admiral Ltd (a wholly-owned subsidiary of Suncity) and Alpha Era Investments Limited, both providing 50% of the total loan amount.
Gold Yield Enterprises Limited has agreed to pay interest of 1.5% per year for five years with the full outstanding amount being paid at the end of the loan term.
The newly agreed loan amount takes the total loan to $82m USD having previously loaned cash for initial development of the integrated resort.
A Suncity representative commented:
“Upon the successful implementation of the project in Vietnam, it is expected that there are business prospects and also room for business growth for GYE [Gold Yield Enterprises Limited]. In light of the increasing demand for tourism-related business in the Southeast Asia region, the Board holds a positive outlook for the project in the future and it is expected that the Group will benefit from the future success of GYE. It is necessary for GYE to have sufficient fund for its future business development and to meet its capital needs.”
The entire integrated resort has a total of 7 planned phases of development, with the first opening before the end of March 2020.
Hoiana Casino Resort’s first phase includes proposals to open a state of the art casino establishment that will feature over one hundred gaming tables and one thousand slot machines alongside a golf course and a luxury hotel.