Suncity Group’s big diversification gamble

First established in 2007 amid Macau’s casino boom, Suncity Group rose to become the former Portuguese colony’s largest junket business, operating opulent VIP rooms where well-heeled Chinese gamblers bet small fortunes on one hand of baccarat. Lately though, the Hong Kong-listed outfit, is going to be the flagship for diversification, including by investing in multibillion-dollar IRs across Asia. Indeed, Suncity Group has fast-become a multi-faceted conglomerate. “It is a step forward for Suncity Group to diversify its business,” says executive director Andrew Lo, “from junket to resort and casino operator to become an international integrated entertainment company.” Suncity signaled a real statement of intent last August when it completed the purchase of a 34 percent stake (worth $76.8 million) in Vietnam’s $4 billion Hoiana project near the tourist hotspot of Hoi An, situated within the Quang Nam province. Developed in seven phases over 13 years and covering 985 hectares,...

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