Hong Kong-listed Sun City Group Holdings Ltd. with Macau junket investor Alvin Chow-Chuk said on Thursday it had delayed completion of its 34% stake purchase in Vietnam’s casino scheme.
The 600 million Hong Kong dollar ($76.8 million) deal was due to close on Thursday. The new deadline is July 31.
SunCity told the Hong Kong Stock Exchange that the buyer and seller had agreed to delay the transaction because they “need additional time to meet certain conditions.”
The official announcement does not specify any conditions and says completion may be delayed further. All other conditions remain unchanged, the buyer says.
The seller is Suncity International Holdings Ltd., a company wholly owned by Chau based in British Virgin Islands.
Suncity announced the deal in July last year. Its subsidiary, Goal Summit Ltd, will acquire all 50,000 shares of Star Admiral Ltd in a promissory note worth HK$333 million and HK$297 million in convertible bonds.
Admiral Star owns a stake in the casino project in Hoi An, Quang Nam Province, central Vietnam.
The casino project is a venture of Hoi An South Development Limited, which also includes Vietnamese asset manager Vina Capital Group and subsidiaries of Hong Kong’s Chow Tai Phuk Enterprises Limited.
The first of the seven phases of the project will provide casinos, golf courses, hotel rooms and suites, and condo hotels with 140 tables and about 1,000 slot machines. 바카라사이트
Augustine Harton Bin, a scholar who says he has advised the Vietnamese government on the liberalisation of the gaming industry, suggested Hoian Casino would be one of the second casino resorts to offer gambling to locals under the national pilot scheme.