LET Group sees Hoiana EBITDA burst Tigre de Cristal’s bubble

HOIANA, Vietnam, LET Group

The LET Group has announced a swing to profit, registering some HK$584.65 million ($74.51 million) during the first half-year, on the back of revenue of just HK$190.91 million ($24.33 million), just a 0.3 percent yearly increase.

The group now notes that it operates the Hoiana resort in Vietnam, the Russian casino Resort Tigre de Cristal – via its Summit Ascent subsidiary – and is developing the Westside City project in the Philippines – under its Suntrust subsidiary, alongside other property developments.

The group retains a 34 percent interest in Hoiana, which saw revenue hit $45.7 million during 1H23, up 560 percent yearly, and which recorded adjusted EBITDA of $10.1 million (compared to negative EBITDA of $25.8 million in 1H22).

Gross gaming revenue from the property totaled $113.79 million, up 687 percent yearly, with rolling chip volume up 592 percent yearly, to $2.62 billion.

The group notes that its adjusted EBITDA from Hoiana surpassed that of Tigre de Cristal ‘for the first time ever’, noting that is ‘testament to Hoiana’s superior quality and untapped potential as an integrated resort’.

The group notes that ‘there is still considerable potential to be unlocked in the Vietnamese integrated resort market’.

However, it does note that its ‘favorite location is the Philippines’, with its Westside City project offering ‘the greatest potential for significant returns compared to Hoiana and Tigre de Cristal in the future’.

The 450-room project is expected to open doors in 4Q24.

Resorts World Manila
Westside City Project

Tigre de Cristal, meanwhile, registered a slight drop in gaming revenue during the period, at HK$167.27 million ($21.32 million), despite an uptick in hotel revenue to HK$14.69 million ($1.87 million).

Adjusted EBITDA at the Russian resort totaled HK$57 million ($7.26 million), down from HK$60 million ($7.65 million) in 1H22.

Total GGR was just HK$197 million ($25.11 million) at the property during the period, down by HK$1 million ($127,000) yearly, with EGMs being the largest contributor.