A subsidiary of Suncity Group – the largest Asian operator – signed a deal to manage the integrated resorts in Vietnam.
Representatives Suncity Group Holdings Ltd said that its wholly owned subsidiary SGMC (Hoi An) has signed an exclusive deal to provide services related to the management of the gambling establishments and other objects integrated resort Hoiana. The first construction phase of the project will be completed in October this year https://getcasinoslots.com/free-online-slots/super-heroes-online-slot/.
Integrated resort Hoiana – a joint project of Suncity Group Holdings, Hong Kong-based Chow Tai Fook Enterprises and local builder VinaCapita. The company owns a 34% stake in the casino resort.
The agreement is valid for 10 years with a possible extension for another 10 years with the concurrence of both parties. The agreement spelled out conditions for setting tariffs for non-gaming and gaming facilities, purchase necessary equipment, as well as criteria for the selection of personnel. In addition, in the near future, companies need to plan a budget.
In exchange for providing a number of services the operator will receive an annual incentive fee of 6% of the income of casinos integrated resort. In addition, SGMC receive basic management fee, which is calculated at a rate of 3% of the mass segment revenues.
According to preliminary calculations, initially 75% of the integrated resort of earnings will be in the VIP-segment. Last month, the Suncity Group announced that it will invite up to six competing junket operators to work on the territory of the casino-resort.
Recall that the Government of Vietnam is working on a reform of legislation governing sports betting, to expand on the market.
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