After first being announced more than a year ago, Suncity Group has once again delayed completing the purchase of a resort project in Vietnam. In a filing with the Hong Kong Stock Exchange this past Wednesday, the company said that it won’t be able to close the deal until the end of this month.
Suncity, which is run by Macau junket investor Alvin Chau Cheok Wa, first entered into the purchase agreement in July 2017. It said at the time that it would be investing $76.8 million for a 34% stake in the project. Last December, it pushed the deal’s closing back to March 31 and subsequently announced another delay, moving the date to July 31. With a little bit of luck, perhaps it will be able to fulfill its stated obligations by August 31.
In the Wednesday filing, Suncity indicated that the completion of the sale is contingent upon the developer, Hoi An South Development Ltd., receiving approval by the bank from which it had borrowed to build the resort. The bank still has not given that approval, but Suncity believes it will happen before the end of this month.
The resort will be built in Hoiana in central Vietnam. There will be a total of seven phases of construction, the first of which will include a casino with 1,000 slot machines and 140 gaming tables, a hotel and a golf course.