Hoiana’s recovery is underway, with the Vietnam-based integrated casino resort receiving 69,000 visitors in H1 2023. This resurgence marks a pivotal turning point in the resort’s journey, showcasing its remarkable ability to bounce back from the challenges posed by the COVID-19 pandemic.
Remarkable recovery
Nestled along the picturesque shores of Vietnam, Hoiana Integrated Casino Resort is experiencing a remarkable recovery. Despite the challenges presented by the COVID-19 pandemic, the resort has witnessed an extraordinary resurgence, with the number of hotel guests and casino visitors skyrocketing from a mere 5,000 in 2020 to an impressive 51,000 in 2022 and a staggering 69,000 in the first half of 2023.
Strategic shift
In a recent interview with Vietnam’s media outlet, VN Express, Steven Wolstenholme, the President and CEO of Hoiana Resort & Golf, (in photo above), shared his vision for the resort’s resurgence in 2023. Faced with closed markets, Hoiana strategically leveraged its golf course to attract tourists from South Korea, Japan, Taiwan, and beyond. Additionally, the introduction of the New World-branded Hoiana Beach Resort, boasting 330 rooms, solidified Hoiana’s status as a premier destination.
Vietnam’s prospects
From Steven’s perspective, Vietnam has proven its ability to accommodate travelers with minimal risks, thanks to a range of initiatives and promotional efforts. The government’s increasing openness to foreign businesses and visitors has reduced barriers to expansion and leisure visits. The adoption of a new e-visa system accessible to individuals of all nationalities has instilled hope in the tourism sector. Steven is confident that this streamlined travel process will significantly enhance the nation’s tourism industry and its related sectors. Looking forward, he envisions a bright future for Hoiana, brimming with opportunities.
Background of first IR in Vietnam
Hoiana Resort & Golf, Vietnam’s first fully integrated resort, faced a challenging start when COVID-19 struck just three weeks after its soft launch in 2020. However, in July of the current year, the renowned Hong Kong billionaire family Cheng, associated with Chow Tai Fook Enterprises, took control of Hoiana Resort, marking a change in ownership from Macau junket kingpin Alvin Chau. This transition has injected new life and energy into the resort, reinforcing its position as a beacon of hope and resilience in the world of hospitality and gaming.
As Hoiana integrated resorts shines as a symbol of resilience, Vietnam’s gaming industry has its unique set of challenges on the road to recovery post-COVID-19.
Vietnam’s restrictions on casinos
With its focus on a foreigners-only VIP-centric model, Vietnam faces obstacles related to the resumption of tour groups, particularly from China, due to restrictions on booking hotels connected to casinos.
Although China was a significant tourist market for Vietnam, South Korean visitors have taken the lead, benefitting from unhindered access to the country.
While the Korean presence is very positive for Vietnam, there’s a growing need to shift focus towards capturing visitors from Southeast Asia. As operators strive to target the mass market, the influx of Indian tourists, while boosting overall tourism, does not contribute significantly to Vietnam’s gaming revenue.
Lastly, the long-anticipated permission for locals to gamble remains uncertain, contingent on political dynamics and administrative changes in Vietnam. Vietnam’s gaming operators face dynamic change, as they tackle both structural and political hurdles while striving to secure a share of the Asian gaming market.
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