The Hong Kong billionaire Cheng family has taken over control of Vietnam’s casino industry from the former Macau gambling kingpin. Alvin Chauaccording to people familiar with the matter.
LET Group Holdings Ltd., formerly part of the Chau Suncity Group business, has divested its involvement in the management of the Hoiana resort near the Vietnamese port of Da Nang, with family investment company Cheng Chow Tai Fook Enterprises Ltd. he is now overseeing the site’s operations, the people said, asking not to be identified discussing privacy issues.
