A subsidiary of casino junket operator SunCity Group is set to acquire a 34 percent stake in a casino project in the Quang Nam province of Vietnam.

In a filing to the Hong Kong Stock Exchange, the company said its wholly-owned subsidiary, Goal Summit Ltd., will buy the entire equity interest in Star Admiral Ltd. from Suncity International Holdings Ltd. for a total consideration of HK$600 million (US$76.8 million), payable through a HK$303 million promissory note, as well as a HK$297 million convertible bond.

Star Admiral indirectly owns 34 percent—or about 50,000 shares—of Hoi An South Development Ltd., which is developing the Hoi An South Integrated Resort in a joint venture between SunCity, Vietnam-based asset management company VinaCapital Group and Gold Yield Enterprises Ltd., a subsidiary of Hong Kong-based Chow Tai Fook Enterprises Ltd.

Goal Summit, meanwhile, is chaired by Macau junket investor Alvin Chau Cheok Wa, who, incidentally, is also the owner of Suncity International Holdings, according to the filing.