Saturday , March 2 2024

Vietnam casino acquired by Hong Kong billionaire family

The Hong Kong billionaire Cheng family has taken over the Hoiana casino in the central province of Quang Nam.

It had been owned by gambling kingpin Alvin Chau, who was arrested in his native Macau in 2021 and sentenced to 18 years in prison earlier this year for organizing illegal gaming.

Chow Tai Fook Enterprises Ltd, the Cheng family’s flagship investment firm, is now overseeing the resort’s operations, according to Bloomberg.

Situated close to the popular tourism destinations of Hoi An and Da Nang, it has 140 gaming tables and over 350 gambling machines.

Vietnam has strict regulations for gambling for its nationals but does not have restrictions for foreigners.

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