The Cheng family billionaires, invest in yet another casino resort offshore. Their company, Chow Tai Fook, is a major partner in the Australian Queen’s Wharf Casino Resort. This time the Hong Kongese group expands their reach to Vietnam. They are reported to now be overseeing the operations of the coastal Hoiana Casino Resort near Da Nang.
Chow Tai Fook Expands its casino holdings and reaches Vietnam. Their major partner in the project is Australian Queen’s Wharf Casino Resort.
©Ammie Ngo/Unsplash
Chow Tai Fook Enterprises Ltd. has interests in jewellery, hotels, construction and now casinos. They have taken over from Alvin Chau, a jailed gambling-junket industry leader of Macau. Alvin Chau was a target of China’s crackdown on gambling-associated crimes. Part of Chau’s holdings, not associated with the illegal activities, was renamed LET Group Holdings Ltd. LET Group is currently a partner in the Hoiana Casino Resort but is staying away from operations.
Macau is a Special Administrative Region of China. It is on the coast in the South East of China, across the bay from Hong Kong. Macau is a popular destination for gambling tourism and has earned the nickname, “Las Vegas of the East”. It boasts a gambling industry that is seven times larger than that of Las Vegas.
However, many Macau junket operators, who catered to Chinese high rollers, are struggling with stricter government regulations. Nearby Vietnam has become an attractive destination. It is reported to have more relaxed rules and is keen to increase visits from foreign high-rolling gamblers. Vietnam has banned its residents from most gambling facilities and so relies on foreign punters. Chow Tai Fook are taking advantage of this.
Hoiana Resort in Vietnam’s central coast, offers golf, hotels, restaurants, bars and a casino. Hoiana Casino is a great destination for gaming enthusiasts with over 350 gaming machines and 140 table games. They have Baccarat, Sicbo and Roulette and exclusive VIP services. Around USD four billion is being invested in the construction of new and upgraded facilities for the resort.
Hong Kongese billionaires, the Cheng Family, own Chow Tai Fook Enterprises Ltd. This company is a major investor in the Queen’s Wharf Development in Brisbane, Australia. Queens Wharf will contain a large casino and will take over the city’s only casino licence upon opening.
Queen’s Wharf will have hotels, shopping, residential accommodation as well as its casino. Chow Tai Fook subsidiary, Rosewood Hotel Group, has hotels in both Hoiana Casino Resort as well as in the Queen’s Wharf Resort Development. This means Chow Tai Fook has multiple interests in each Resort, with casino and hotel operations. Will their huge jewellery chain gain a foothold in each location also?
Both Vietnam and Australia are eager to exceed Chinese tourist visit levels of pre-COVID times. But China has removed both Vietnam and Australia’s Approved Destination Status (ADS) and now both countries are not on Chinese group tour lists. This has stung the tourism industry, with Chinese visitors to Australia at one-fifth of 2019 pre-COVID levels.
2019 flights between China and both Vietnam and Australia have not been fully resumed. However, for both countries, it is hoped that with increased investment in high-roller tourist destinations, more money will be spent by its fewer tourists.
Chow Tai Fook’s Cheng family are again making shrewd investments, taking advantage of the current lull in tourism to gain better vantage once visits from China again increase.
