VMS Group increases stake in Hoiana Resort & Golf, announces leadership restructuring
VMS Group has raised its ownership in Hoi An South Development to 75% following a shareholding restructure and capital raise. The move coincides with leadership changes, including the appointment of Alan Teo as CEO and Benny Chong as HASD President.
Key points:
– VMS Group now holds a 75% stake in Hoi An South Development following a capital raise
– Benny Chong has been appointed President of HASD, while Alan Teo takes over as CEO
– Former CEO Steven Wolstenholme is stepping down after serving in the role for seven years
VMS Group has expanded its control over Hoi An South Development (HASD), the owner and operator of Hoiana Resort & Golf, increasing its stake to 75% through a shareholding restructure and capital raise.
The move is part of a broader strategy to accelerate development at the integrated resort in Vietnam’s Quang Nam Province.
As part of the transition, Benny Chong, Chairman and CEO of VMS Group, has been appointed President of HASD.
Alan Teo has been named the new CEO, replacing Steven Wolstenholme, who is stepping down at the end of his contract after seven years in the role.
Hoiana Resort & Golf, which features 1,200 high-end hotel rooms, a championship golf course, convention facilities and entertainment venues, is positioned as a tourism and investment hub in the region.
Good to know: VMS Group stated that the leadership changes are intended to strengthen management capabilities and enhance coordination with Vietnamese authorities
The restructuring, according to VMS Group, is necessary to ensure that project-financed developments are completed on schedule while supporting the long-term growth of the resort.
The leadership transition follows a series of executive changes at Hoiana in 2024. In July, the resort appointed Melvyn Boey as its CFO, tasking him with overseeing financial operations and strategic planning. Boey replaced former CFO Laurence Hawke, who moved to Travellers International Hotel Group.
VMS Group has emphasised that the latest leadership and structural changes are aligned with its long-term vision for Hoiana. The company aims to position the resort as a destination that will drive economic growth through increased tourism, job creation and foreign investment.
Gambling Insider delivers the latest industry news, in-depth features, and operator reviews that you can trust. Our team combines rigorous editorial standards with decades of specialized expertise to ensure accuracy and fairness. We are committed to delivering clear, impartial, and dependable coverage across the global gambling sector.
