Chinese Resort at Otres Beach to be Operational in 2019

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Chinese Resort at Otres Beach to be Operational in 2019

Post by CEOCambodiaNews » Mon Sep 10, 2018 6:53 pm

Investment money from Macau is expected to speed up development at the future Otres beach resort...
Suncity Group enters partnership in Sihanoukville
7 September 2018
Macau’s leading junket operator Suncity Group, a company listed on the Hong Kong Stock Exchange, has entered into a partnership with locally-registered firm Golden Sun Sky to provide consultancy services in the construction of a resort in Sihanoukville.

“The directors believe that entering into this strategic partnership agreement will expand the company’s footprint in Cambodia, in addition to the integrated resort projects in Vietnam,” Suncity said in a recent filing to the Hong Kong Stock Exchange.

Total investment in the resort, which is owned by Golden Sun Sky, is estimated at $360 million.

The resort will occupy an area of 650,000 square meters in Sihanoukville’s popular Otres Beach and will contain gaming facilities, Suncity said. The developers aim to have the resort operational by the end of 2019.

The province is a hotbed of gaming activity in the country. The majority of Cambodia’s 100 casinos are located in Preah Sihanouk. A draft of the Gaming Law is currently being reviewed by the Council of Jurists of the Council of Ministers.
https://www.khmertimeskh.com/50531258/s ... noukville/
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Re: Chinese Resort at Otres Beach to be Operational in 2019

Post by CEOCambodiaNews » Fri Sep 21, 2018 1:19 am

You ain't seen nothing yet: Mega-resort near Sihanoukville will 'dwarf' existing casino facilities, says report...

Suncity partners with Cambodian integrated resort project
BY Steven Stradbrooke ON September 05, 2018
On Wednesday, Suncity Group Holdings Ltd informed the Hong Kong Stock Exchange that it had entered into a strategic partnership with Golden Sun Sky Entertainment Co Ltd, which is building a US$360m, 650k-square-foot integrated resort on Otres Beach in Sihanoukville that hopes to open to the public by the end of 2019.

Suncity says its role will be to provide “certain consultancy services” to Golden Sun Sky’s resort, which has been licensed to operate casino gaming, sports betting, hotels and duty-free market facilities in Cambodia. However, Suncity says its obligations could expand as the parties formalize specific contracts.

Sihanoukville, located on Cambodia’s southwestern coast, has witnessed an influx of Chinese nationals in recent years thanks to a flood of local infrastructure projects and increased tourist travel. Where the Chinese go, gambling inevitably follows, and Sihanoukville has witnessed an explosion in small-scale land-based and online gaming operations that has concerned some local officials.

Little is known about Golden Sun Sky, which was only established in March 2017, except that it’s part of the mainland investment group China Yunnan Jingcheng Group Co Ltd. The description of the proposed integrated resort would seem to dwarf Sihanoukville’s current casinos, most of which offer a dozen or fewer baccarat tables and few electronic gaming machines.

Suncity Group Holdings is technically distinct from Suncity Group, which controls over 40% of Macau’s casino junket market, but Holdings is majority controlled by Suncity Group boss Alvin Chau. Suncity Group has an existing junket relationship with Cambodia’s only large casino operator NagaCorp, which operates the sole gaming venue in the capital Phnom Penh.
https://calvinayre.com/2018/09/05/casin ... ed-resort/
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Re: Chinese Resort at Otres Beach to be Operational in 2019

Post by Anchor Moy » Sun Sep 30, 2018 12:41 am

Saw this posted on social media today. Would it be the new mega-resort at Otres do you reckon ? There was no comment, except that it will be casinos and condos.

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Re: Chinese Resort at Otres Beach to be Operational in 2019

Post by bolueeleh » Sun Sep 30, 2018 2:15 am

Anchor Moy wrote:
Sun Sep 30, 2018 12:41 am
Saw this posted on social media today. Would it be the new mega-resort at Otres do you reckon ? There was no comment, except that it will be casinos and condos.

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its a mixed use development if i didnt remember wrongly
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Re: Chinese Resort at Otres Beach to be Operational in 2019

Post by frank lee bent » Sun Sep 30, 2018 2:30 am

0h joy
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Re: Chinese Resort at Otres Beach to be Operational in 2019

Post by Clemen » Sun Sep 30, 2018 6:54 am

That development at Otres seems to be in a giant "U" shape, and starts at the second road right behind the public beach there. The first block was still undeveloped two weeks ago, but there was earth moving equipment on site. There is a great view of the site from route 4 since they cut all the trees down. Sigh...
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Re: Chinese Resort at Otres Beach to be Operational in 2019

Post by frank lee bent » Sun Sep 30, 2018 8:07 am

something tells me the future will not be quite like it is being spruiked by the developers. bit of a miracle if these places even reach completion.
i know the PRC wants to get rid of it's USD holdings but..........................
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Re: Chinese Resort at Otres Beach to be Operational in 2019

Post by clutchcargo » Sun Sep 30, 2018 9:49 am

All I can say is yuk! Another nice beach area fooked..
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Re: Chinese Resort at Otres Beach to be Operational in 2019

Post by SinnSisamouth » Sun Sep 30, 2018 1:38 pm

frank lee bent wrote:
Sun Sep 30, 2018 8:07 am
something tells me the future will not be quite like it is being spruiked by the developers. bit of a miracle if these places even reach completion.
i know the PRC wants to get rid of it's USD holdings but..........................
Getting rid of their ForEx reserves (is what I think you mean) is self defeating. USA is their biggest trading partner and they won’t want to mess that up, even with all the trade wars going on it accounts for a tiny fraction of the overall Chinese exports.

Having big ForEx is a good thing and China has 3 trillion of them - mostly USD but other currencies plus drawdown rights, bonds and the like.

It’s not just about physical $ because the USD is used in international transactions.
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Re: Chinese Resort at Otres Beach to be Operational in 2019

Post by CEOCambodiaNews » Fri Oct 05, 2018 2:08 pm

Suncity to handle Cambodia casino’s ‘pre-opening’ operations
October 04, 2018
Sun City Group Holdings Limited, through its subsidiary SGMC (Sihanoukville), has outlined the assistance it will provide in the building of Golden Sun Sky Entertainment Co., Ltd.’s integrated resort (IR) in Sihanoukville Province, Cambodia.

The partnership grants SGMC Sihanoukville, “from the Anticipated Opening Date the exclusive right, authority and discretion during the Operating Term and any extended term,” to carry out its services.

Among the pre-opening services enumerated are: establishing rates for gaming and other facilities, including food and beverages served in the casino; employment and payment of personnel for casino operations; management of revenue from operations, including the issuance of invoices and collecting of fees; and budget preparation. For this, SGMC Sihanoukville will receive 3% of the casino’s monthly gross gaming revenue (GGR), and an annual fee of either 5% or 6% of gaming earnings before interest, depreciation and amortization (EBITDA), depending on the casino’s performance.

For the technical services, SGMC Sihanoukville will receive a total of $500,000. In case its services are still required a year after the agreement, a monthly fee of $41,667 will be paid.
https://calvinayre.com/2018/10/04/casin ... perations/

However, take note:
Suncity’s losses in first half of 2018 higher than expected
September 14, 2018
Suncity Group Holdings has reported a staggering increase in its losses for the first half of 2018. For the first six months, the losses increased by 160% to $240.97 million. The loss was higher than previously projected and comes after a loss related to a change in fair value of convertible bonds’ derivatives. During the same period last year, the company reported losses of $92.35 million.

Suncity's losses in the first half of 2018 higher than expected. Suncity’s liabilities are now greater than its assets by approximately $438 million.
https://calvinayre.com/2018/09/14/casin ... -expected/
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