Suncity delays HOIANA opening to 2021

Suncity Group released its full-year 2019 financial results, recording lower total revenues and expanded losses as compared to the previous year.

The group recorded a loss for the year attributable to owners of the company of RMB1.48
billion (US$207 million) in 2019, which was a 1.7 percent greater loss than in 2018. The total revenues came in at RMB611 million, a decline of 22.8 percent.

Looking to the future, Suncity pointed to its IR developments in Vietnam and Cambodia as key elements: “As the Integrated Resorts are still under construction and the construction of the Hoiana Project will be completed in Q2 of 2020 onwards, the Group believes the performance of this segment will improve in the coming years.”

However, they also noted the recent impact of the coronavirus, stating, “The outbreak of Covid-19 in the PRC, Hong Kong, Macau, Russia and South-east Asian countries and the subsequent quarantine measures and travel restrictions imposed by the respective local government as well as the travel restrictions imposed by other countries in early 2020 have a negative impact on the operations of the group and the group’s associates and joint venture, as most of the group’s revenue are derived from the PRC, the Philippines and Macau and the group’s associates and joint venture are operating in Russia and Vietnam.

The company has thus made the decision to schedule the opening of HOIANA to 2021 due to disruptions caused by the coronavirus.

They added, “Due to the inherent nature and unpredictability of future development and market sentiment, the actual financial impacts could be different depending on future development of the outbreak, government policies and measures in response to the outbreak. The actual financial impact, if any, will be reflected in the group’s 2020 consolidated financial statements.”

SHARE

Related Articles

Wakayama to choose its operator partner in the spring

Wakayama Prefecture is collecting final documents from the two accepted operator bidders, Suncity Group and Clairvest Neem, with the intention of making its selection of its operator partner this spring.
Hoiana

Suncity expansion plans to fire ahead

While the pandemic may have brought tourism to a standstill, Suncity Group Holdings is showing no indication of slowing down its expansion plans in tandem, announcing an ambitious range of targets for 2021. 

Suncity announces development of Hokkaido resort

In a New Year message, the Suncity Group let drop that, in addition to other projects it has previously announced, it is also engaged in building a luxury resort in the ski resort of Niseko, Hokkaido.

Suncity says Suntrust unit raises US$268.6 million for Manila project

Suncity Group Holdings says its Suntrust Home Developers unit has raised a total of PHP12.9 billion ($268.6 million) through the issue of convertible bonds to finance the development of an integrated resort in Manila.

Deloitte resigns as Summit Ascent auditor

Summit Ascent has announced that Deloitte Touche Tohmatsu resigned as the auditor of the company with effect from November 17 2020, and the board, with the recommendation of its audit committee, has asked shareholders to approve Suncity, Crowe (HK) CPA Limited, as the new auditor.
Tigre de Cristal

Summit Ascent GGR growth to soar on Suncity backing

Brokerage house Credit Suisse has initiated coverage of Summit Ascent Holdings, giving the firm a strong vote of confidence due to the backing of major shareholder Suncity Group, with gross gambling revenue projected to surge 349 percent next year.

Summit Ascent boosting stake in Tigre de Cristal

Summit Ascent and the Suncity Group have jointly announced that they intend to raise their controlling stake in Oriental Regent Limited (ORL), operator of the Tigre de Cristal resort in Primorye, by a further 10 percent to 77.5 percent.

Suncity signs construction contracts with Megawide for Philippine project

Suncity Group said it has signed two construction agreements worth HK$1 billion with Megawide to develop its integrated resort project in the Philippines.
Suncity Group

Suncity Group: Striving for five-star entertainment

Suncity Group was founded in 2007 and since its establishment, it has been striving to provide an extraordinary VIP entertainment service for our guests. We opened a number of VIP Clubs in various 6-star hotels and resorts throughout Macau with the rapid growth of our business.

Hoiana gets two global tourism awards

Suncity Group Holdings said Hoiana has won two prestigious awards at the 27th World Travel Awards (WTA) and the World Golf Awards 2020. The resort has been named Asia’s Leading Tourism Development Project 2020, along with Hoiana Shores Golf Club being recognized as the World’s Best New Golf Course 2020.