The $4 Billion Casino Resort in Hoi An: Who’s the New Owner Now that the Macau Casino King is in Prison?

According to a notice released on January 30 by Hoiana’s developer, Nam Hoi An Development Limited (HASD), Steven Wolstenholme, who has served as HASD’s Chairman and CEO for the past seven years, has stepped down as his contract has ended.

The resort’s owner also announced that due to changes in the shareholder structure and additional capital raising, the VMS Group now holds 75% of HASD’s capital.

As a result, Benny Chong, Chairman and CEO of the VMS Group, has been appointed as the new Chairman of HASD. The position of CEO of Nam Hoi An will be assumed by Alan Teo.

Benny Chong is also the founder of Hong Kong-based VMS Investment Group, established in 2006. VMS is currently one of the region’s largest investment funds with a diverse portfolio. Mr. Chong brings over 25 years of financial experience with businesses in China, Hong Kong, and other international markets.

VMS Investment Group has close ties with the Chow Tai Fook (CTF) conglomerate, founded by the late Hong Kong billionaire Cheng Yu-Tung. CTF has collaborated with VMS on the Hoiana resort project.

Foreign media has mentioned that VMS was established in 2006 with the support of the Cheng family.

Nam Hoi An Development Limited (HASD) is known as the investor of the Hoiana Resort & Golf project. The company was established in 2010, and the project commenced in 2016 with a license valid until 2080. It is being developed in several phases over 13 years on an area of nearly 1,000 hectares.

In February 2021, the company reduced its charter capital from VND 15,600 billion (USD 800 million) to VND 3,896 billion. Subsequently, through ten capital increases, as of November 2023, the company’s charter capital stood at VND 6,389 billion (equivalent to USD 279 million).

The Hoiana Resort & Golf complex was initially a joint venture between fund management company VinaCapital and Malaysian gaming group Genting. However, Genting withdrew due to disagreements over allowing Vietnamese citizens to gamble in the casino.

Replacing Genting are Chow Tai Fook (CTF) and Suncity Group (later renamed LET Group). CTF is a renowned jewelry and real estate conglomerate founded by the late Hong Kong billionaire Cheng Yu-Tung. LET Group, founded by Alvin Chau, also known as the “Macau Casino King,” specializes in gaming and entertainment resorts.

The initial joint venture’s shareholder structure included Gold Yield Enterprises Ltd. (GYE) holding 68.09% of the shares and the VinaCapital group holding the remaining 31.91%. Within GYE, LET Group and Chow Tai Fook each held an equal share, equivalent to approximately 34% of the project’s interests.

In early 2023, Alvin Chau was sentenced to 18 years in prison. According to international media reports in July 2023, Chow Tai Fook Enterprises acquired LET Group’s shares in the Hoiana Resort & Golf project.

The Hoiana Resort & Golf project has a total investment of over VND 81,200 billion, equivalent to USD 4 billion. Construction began in April 2016. The project covers an area of more than 985 hectares in Duy Hai, Duy Nghia (Duy Xuyen district), and Binh Duong (Thang Binh district) communes.

Hoiana is conveniently located near Danang International Airport and is in close proximity to the ancient town of Hoi An, the My Son sanctuary, and the Cu Lao Cham World Biosphere Reserve. It is also the largest investment project in Quang Nam province to date.

The project comprises various components, including a casino, a resort complex, a golf course, and entertainment facilities. The development is planned in seven phases and is expected to be completed by 2029. Currently, a portion of the project, including the hotel and casino, has been completed and is operational.