According to a Friday filing to the Hong Kong stock exchange, an amount of an extra $17 million would be lent to the promoter of the Vietnam-based Hoiana casino resort by a Suncity Group Holdings division.
Currently, the Suncity brand is among the Hoiana casino resort’s investors, which is currently under construction in Vietnam. According to information revealed in May 2019, the company is set to control the casino operations of the Vietnam resort, which reports say to have been under construction. Also, Hoiana casino resort in Vietnam has been announced as a massive $4-billion investment with multiple phases of development.
According to an interim report, which Suncity Group Holdings published in September 2019, the Hoiana casino resort would have seven phases of development. The facility would be developed over a period of 13 years. Reportedly, the first phase of the project would include the construction of a casino featuring 140 gaming tables and more than 300 slot machines, over 1,000 hotel rooms, as well as a golf course.
Preliminary projections that have been unveiled, claimed that the first phase of the project will start operation in 2020. The property, however, has not been given the Vietnamese Government’s permission to participate in an industry scheme under which affluent Vietnam residents would be able to gamble at a new large-scale resort.
In February 2020, Suncity Group shared with GGRAsia that it did not expect to see the “pre-soft opening” of the scheme affected by the spreading coronavirus and the health alerts associated with it.
The Loan Is Given for a Five-Year Term While the Casino Remains Under Construction
As revealed in the filing dated March 6th, Star Admiral Ltd, which is a fully-owned subsidiary of Suncity Group that is based in the BVI, would lend the sum of $17 million to the promoter of the Hoiana casino resort scheme – Gold Yield Enterprises Ltd. The latter is also a firm registered in the British Virgin Islands. One half of it is held by Star Admiral, and the remaining 50% are held by a firm described as a third party, Alpha Era Investments Ltd.
The information unveiled in the filing says that the loan is given to the company for five years, with the interest rate set at 1.5% annually. Also, as announced by Suncity Group Holdings, the loan is set to be withdrawn towards the end of March 2020. The company also shared that the same shareholder’s loan would also be advanced by Alpha Era, under the same terms as the Gold Yield Enterprises’ loan agreement.
The beginning of 2020 saw an announcement, according to which, Star Admiral was to give the first loan to Gold Yield Enterprises, which would be only a part in the overall $34-million loan to the scheme. Also, as said in the same filing, Alpha Era would have disbursed the other half of the aforementioned loan amount.
