VinaCapital, a leading investment management and real estate development firm in Vietnam, has announced it is now ready to renew the construction of its new €3.15-billion resort and casino facility in the city of Hoi An. The company faced a hold-up due to the fact that Genting Group, one of the venue’s investors, exited the project.
The construction was resumed after a new investor was found. The identity of the new investor has not been revealed yet, as the business agreement is yet to be finalized, the CEO of VinaCapital explained.
There is speculation made by Vietnam Investment Review, that the new investor may be Chow Tai Fook Enterprises Ltd. – a well-known name in the construction of resorts and casinos.
CEO Don Lam further commented that this is a big project for VinaCapital, as it will include a number of leisure and entertainment facilities in the southern part of Hoi An.
The construction of the first minor project is planned to be ready before the middle of 2015, so that the company can smoothly transition its focus and energy into its major hotel and casino project. The integrated resort is planned to open by the end of 2016 or the beginning of 2017.
The renewal of the construction has long been awaited by VinaCapital, ever since Genting Malaysia Berhard retracted from the project back in 2012. Since then, the company has been struggling to find a new investor.
In order to attract new investors faster, VinaCapital proposed that the local government decreases the amount of hectares the facility occupies, a total of 1,000 hectares. Another improvement the company proposed was for the license of the project to be extended to fifty years, as well as an inclusion of twenty more gaming tables, in order for it to be on equal ground with the local casino Hot Tram Strip.
NagaWorld Changes Chief Executive Officer
In other news from the Asian gambling industry, the NagaWorld CEO Mark Brown submitted his resignation. NagaWorld is a subsidiary company of Cambodia-based NagaCorp.
Brown stated that the reason for his resignation is that he will now look for new opportunities to grow as a professional.
He managed to lead NagaWorld into becoming a major player on the gambling market of Macau. Lien Phat and Mike Ngai, who both have an extensive experience in the gambling industry, will take on Mr. Brown’s duties.
Mike Ngai has previously worked for Sentosa, Trump Entertainment Resorts, as well as various casinos in Macau. As for Lien Phat, he has practical knowledge in casino marketing, VIP gaming advertising, player loyalty management, etc.
Ngai will take care of the financial aspects of NagaWorld, as he was an accountant for US- and Macau-based casinos. Together they will bring extensive expertise in financial organization and market analysis, as well as strategic decision making for marketing campaigns and advertising initiatives.
