The 77 percent owner of Russia’s Tigre de Cristal, the SunCity Group Holdings, said that last year its revenues grow to 67 percent to RMB199.3m. Sun City Group also operates Hoiana in Vietnam. The company also is the developer of the Westside City Project in the Philippines.
The COVID year delayed the opening of its Hoiana resort in Vietnam. It reduces the growth of its Russian casino. Although Alvin Chau Cheok Wa, Chairman of Suncity Group Holdings, believes increase demand will drive recovery.
“The reopening of borders will increase demand from tourists. They can travel freely to our resorts for the entertainment and fun experience we offer,” he said.
“While SunCity Group Holdings was on the way charting to the industry as a rookie in the entertainment scene. The COVID pushed us back from arriving at our initial promised land. Regrettably, COVID occurred when we have just finished sharpening the flagship sword. The Hoiana, after years of hard work. Flights and visas to Vietnam are no longer accessible. It leaves us no chance to showcase what a work of art we have created. 2020 is no more and, forgetting it would be the best strategy.”
“The time when Hoiana was ready for its preview was right in the middle of the pandemic. There were no flights nor visas for foreign visitors,” he added. The increase in staff costs and before opening costs of Hoiana during the year has increased the share of loss. The cost of the project has increased from approximately RMB82.2m to approximately RMB246.6m.”
SunCity Group Holdings recorded a decent recovery. The gain was in mass and electronic gaming businesses in the latter half of the year. Although at HK$202.9, full-year revenues were down 58 percent year-on-year.
“Before Suncity took over, Tigre de Cristal has already delivered fair, though not enough, results,” Mr. Chau explained.
“Now that Suncity has become a part of Summit Ascent, I will make sure SunCity Group Holdings will help Tigre de Cristal glow. I am also blessed to have found another pearl in the Philippines. Here, the next finest resort in Entertainment City would build. My team and I are busy drafting the scheme of this destination. We are discussing how we could establish a complete resort. I would change the resort to the taste of local Filipino and Asian customers. In terms of plan, size, and connectivity, I am confident that Westside City Project would be amongst the best in the entire Entertainment City in Manila.”
“When the pandemic is over, SunCity Group Holdings is well-positioned take the growth in entertainment demand in Asia, ” he added. “The Group continues to evaluate various resort projects in Asia. While we remain positive about growth in the sector in the very long term.”