The SunCity Group
, the largest junket operator in Macau, has plans to invest in a hotel and casino project on Phu Quoc, an island in Vietnam‘s southwest province of Kien Giang.
According to Vietnamnet, SunCity CEO Alvin Chau Cheok Wa told local authorities that his company was willing to put up a resort and casino in Bai Truong in Duong To commune, should current investors who have dibs on the area decide to withdraw their projects. Should those investors be unwilling to move, SunCity’s second choice would be Rach Tram hamlet in Bai Thom commune.
Provincial Vice Chair Nguyen Thanh Nghi welcomed Sun City’s interest and asked the company to submit official documents for the government to consider. Nghi pointed out that any proposal should come with a full understanding of certain provisions on foreign investment laid out by the state, including a willingness to invest at least $4b.
Meanwhile, Imperial Pacific International Holdings Ltd. has warned its shareholders that the group is expecting to record an increase in net losses for 2014.
Imperial Pacific made the announcement in a filing with the Hong Kong Stock Exchange on Wednesday, saying that the losses can be attributed to a number of factors, including increased operating and administrative costs, recognition of share-based payment expenses, and most notably, expenses attributed to the development of its integrated resort in Saipan.
The company is still finalizing its annual results for 2014 and the the projections made were based on unaudited management accounts.
