Hoiana accumulates US$248mln loss to Jan

The Hoiana casino resort complex (pictured) in Hoi An, Vietnam, had an “accumulated loss” amounting to VND5.67 trillion (US$248.1 million) as of January this year, reported the Vietnam Investment Review,
citing a document generated by Quang Nam province, the place where the property is based.

Suncity Group Holdings Ltd, a Hong Kong-listed firm that has an approximately 34-percent stake in Hoiana, had said in a March filing on its 2021 results, that its share of loss on Hoiana was about HKD438.0 million (US$55.8 million).

Other investors in Hoiana – which has previously been described as being a US$4-billion scheme once all phases are completed – are Vietnamese asset manager VinaCapital Group, with 32 percent, and Hong Kong-based VMS Asset Management Ltd, with 34 percent.

The property – with a casino available only to foreigners – had a preview opening that began in June 2020, amid pandemic-related restrictions on inbound tourism to Vietnam.

Source: https://www.ggrasia.com/hoiana-accumulates-us248mln-loss-to-jan-report/