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Vietnam – Unnamed operator takes over South Hoi An project

By - 3 January 2014

A US$4bn integrated resort planned for the central Vietnam province of Quang Nam will now go ahead with developers VinaCapital securing a partner to replace Genting.

Malaysian-born Genting Group cancelled its involvement in the South Hoi An in September 2012 with the project stalling until the start of 2014 when VinaCapital struck a deal with an unnamed operator. An executive with the Chu Lai Economic Zone Management Authority declined to name the partner but said it was a ‘famous global player in the casino industry.’

The source said: “It has good financial capacity and strong management experience which makes it perfectly suited to run an integrated resort complex. This will be an important change ensuring the successful development of the project.”

VinaCapital will hand over a controlling share of the project to the unnamed operator.

The South Hoi An development will include five-star hotels and will be the largest tourist destination in Quang Nam, which is already home to several resorts on the South China Sea coast.

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