Vietnam – Hoiana tipped for big things with comparisons to NagaWorldBy Phil - 11 September 2020
Suncity’s Vietnam integrated resort project, Hoiana, is being tipped for big things by research firm Smartkarma who believes the casino will generate annual EBITDA of US$470m, equating to 70 per cent of NagaCorp’s NagaWorld in Cambodia.
It expects Hoiana to generate GGR of US$2.35bn per year based on the performance of a VIP room Suncity already operates at Crowne Plaza in Da Nang.
Smartkarma analyst Michael Ting said: “We estimate that Suncity generated roughly US$1.4m GGR per table, per month at Crowne Plaza. Extrapolating this to the 140 tables at Hoiana Phase 1, we estimate that the property can generate roughly US$196m of GGR per month or US$2.35bn per year.
“Applying a 20 per cent EBITDA margin (double that of Macau), we estimate that Hoiana Phase 1 at full ramp can achieve EBITDA of US$470m per year which is at 70 per cent of NagaCorp. We are positive on Hoiana on a longer-term basis.”
Hoiana had a soft opening in June generating a US$1.5m loss during its three days of operation. It has since ‘recorded positive gross gaming revenue in both July and August.’
The Hoiana story began in 2016 when its ground breaking ceremony marked the commencement of the most ambitious tourism development in Central Vietnam. Four years in the making, Hoiana is now ready to introduce some of its first operational facilities during an Operational Preview starting 28th June 2020. During this period, guests can enjoy cutting-edge entertainment and gaming facilities by Hoiana Suncity, play at Vietnam’s first Robert Trent Jones Jr. designed Hoiana Shores Golf Club or indulge in the first of four luxurious hotels managed by Rosewood Hotel Group – the Hoiana Hotel & Suites.
Major highlights in Hoiana Phase 1 include four hotels offering over 1,000 rooms, suites and villas, including the all-suite Hoiana Hotel & Suites that offers personalised 24-hour butler service; New World Hoiana Hotel & Residences, a hotel that caters for both short-term and long-term stays with deluxe accommodation; KHOS Hoiana, a brand-new hospitality concept that combines tastefully appointed guest rooms with free-flowing social hubs; and, Rosewood Hoi An (to be opened later), luxurious villas that offer an inspirational journey of discovery for travellers, a perfect match with Rosewood Hotels & Resorts A Sense of Place ® philosophy;
A 4km coastline with panoramic sea view, where a unique Beach Club is being built, offering authentic sun, sea, sand and entertainment;
An 18-hole golf course, designed by the famous architect Robert Trent Jones Jr. The golf course has officially opened on 2 March 2020;
A wide array of F&B and retail brands, along with exciting performances and entertainment activities for both gaming and non-gaming guests.
Chau Cheok Wa, Chairman of Suncity, said: “The metamorphosis of Suncity never stops. I am delighted to see that our projects in Vietnam, Russia, Philippines etc. continue to grow as they all undergo transformation. My dear friends and guests, please come to experience Hoiana yourself during the Grand Opening in 2021.”