The Cheng family, well-known for their involvement in a variety of projects such as Hong Kong-based Chow Tai Fook Jewellery Group Ltd and New World Development Co Ltd, has taken over day-to-day operation of the Hoiana Resort & Golf. The resort, a joint venture between Chow Tai Fook, LET Group Holdings Ltd, and VinaCapital, has received a lot of attention in recent months.
According to reports, Chow Tai Fook Enterprises Ltd, the Cheng family’s flagship investment firm, is now in charge of operations at the Hoiana Resort & Golf. This move represents a significant shift in the property’s management, as LET Group Holdings Ltd, formerly known as Suncity Group Holdings Ltd, was previously in charge of its day-to-day operations.
The Cheng family’s rise in the sector has been notable, with holdings in several casino developments. Notably, they have now taken up Hoiana Resort & Golf, which adds another feather to their hat. Their current involvement in well-known projects such as Chow Tai Fook Jewellery Group Ltd and New World Development Co Ltd demonstrates their diverse commercial interests across multiple industries.
The Hoiana Resort & Golf, a joint venture by Chow Tai Fook, LET Group Holdings Ltd, and VinaCapital, features a foreigner-only casino, a huge golf course, and a number of opulent hotels. The resort has four lodging options: Hoiana Hotel & Suites, Hoiana Residences, New World Hoiana Hotel, and the newly completed 330-room New World Hoiana Beach Resort, which opened in late April.
Following recent management changes, LET Group Holdings Ltd is said to have stepped back from engagement in the day-to-day operations of the Hoiana property. This departure follows substantial legal troubles for the company’s former CEO, Alvin Chau Cheok Wa, a former Macau junket boss who was sentenced to 18 years in jail in total in January.
With the Cheng family in charge of the Hoiana Resort & Golf, the property’s future may include new strategic orientations and investments. The significant experience of Chow Tai Fook Enterprises Ltd in the casino sector may result in innovative developments that further reinforce the resort’s reputation as a prime destination in Vietnam.
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