VMS Group, a Hong Kong-based private equity investment company, has announced changes to the leadership of the Hoiana Resort & Golf (pictured in a file photo). The beachside holiday complex with a foreigner-only casino, is located in Quang Nam province, on Vietnam’s central coast.
VMS Group, which has links to casino investor Chow Tai Fook Enterprises Ltd, is said to control 75 percent of Hoi An South Development, the promoter of the Hoiana complex.
The resort features a golf course and several hotels, as well as a foreigner-only casino.
The Hoiana complex – which opened in stages from June 2020 – currently offers four accommodation formats. They include Hoiana Hotel & Suites, Hoiana Residences and New World Hoiana Hotel. The fourth, the 330-room New World Hoiana Beach Resort, opened in April 2023.
As part of the changes, Hoiana president and chief executive Steve Wolstenholme is to step down this month, after nearly seven years with the complex.
In a post on social media platform LinkedIn, Mr Wolstenholme said February 2025 market a “significant milestone” in his “career and personal journey”.
“I will soon be stepping away from my role at the helm of Hoiana Resort & Golf,” he stated.
“I take immense pride in what we’ve accomplished, from successfully transitioning phase one through construction to full operation, to launching the casino amidst a global pandemic, maintaining an exemplary compliance record, and driving key performance indicators across all departments,” wrote Mr Wolstenholme.
Benny Chong, chairman and CEO of VMS Group, will be the new president of Hoi An South Development.
Alan Teo, who most recently served as chief operating officer of Universal Hotels and Resorts Inc – promoter of the NUSTAR Resort & Casino, a Cebu tourism complex in the Philippines – has been named CEO of Hoi An South Development.
Prior to joining Universal Hotels in late 2022, Mr Teo spent nearly 13 years at the Resorts World Sentosa complex in Singapore, the last three as that property’s COO.
“The leadership changes are part of our commitment to adapt and evolve to the ever-changing business landscape, ensuring that our company remains at the forefront of our industry as we continue to expand” the Hoiana project, said VMS Group in a statement last week.
It added: “Looking ahead, our focus remains on delivering exceptional services to our clients and fostering a workplace culture that encourages collaboration, innovation, and growth.”
The Hong Kong-based firm said its mission was to “establish Hoiana into a world-class integrated resort for both business and leisure visitors”.
“Hoiana aims to transform the south of Hoi An into a premier travel destination, attracting both domestic and international tourist visitation,” it added.
Chow Tai Fook Enterprises, which had been previously connected to the Hoiana complex, is the flagship investment firm of the Hong Kong-based Cheng family. The entity has stakes in other casino projects.
The family also founded and runs the Hong Kong-based Chow Tai Fook Jewellery Group Ltd and New World Development Co Ltd. The latter is a Hong Kong-listed conglomerate focused on property development, infrastructure and services.
In July last year, Melvyn Boey was confirmed as chief financial officer of Hoiana. Prior to his appointment, he was senior vice president, business planning and transformation at Resorts World Sentosa, a property run by Genting Singapore Ltd.
