Casino developers’ race gets fiercer in Vietnam
Casino developers’ race gets fiercer in Vietnam
Undaunted investors are pushing ahead with their casino projects, notwithstanding the chilly reception they’ve encountered, nor their awareness that casino doors, once open, will have to bar the largest segment of the population – native Vietnamese.
Local newspapers some years ago reported that many foreign investors had flocked to Vietnam to learn about opportunities to develop casino projects, only to make a abrupt U-turn upon learning that the government was serious about barring admittance of Vietnamese nationals.
That said, some intrepid investors have never given up on their plans. Bui Quang Vinh, Vietnam’s Minister of Planning and Investment, revealed at a government meeting in early March that he has received about 10 proposals from local authorities regarding casino project development.
This suggests that casino development has always, and continues to be, a very “hot” investment prospect, despite the paucity of coverage these projects have received in the mass media in recent years. Developers are moving ahead with their projects, but do so largely “under the radar”, largely because they understand that the projects are not encouraged, and often frowned upon, in Vietnam.
Nguyen Van Doc, Chair of Quang Ninh Provincial People’s Committee, has confirmed that the Communist Party Politburo has agreed on a casino project in the locality. Doc said the what local authorities now need to think about is how to set up a reasonable framework for the business field.
“Everything is ready for the project,” he said. “We have found a suitable place for it – an 1800 hectare land plot. The casino would have connections with the Van Don airport, which is also a key investment project in the province”.
Also according to Doc, provincial authorities have been making hectic preparations to develop a series of tourism projects. The casino project serves as a part of the province’s master plan to develop the tourism industry.
In early March, the Quang Ninh provincial People’s Committee held working sessions with Australia’s ISC Group and Tuan Chau from Vietnam, where the investors presented their plan for developing a tourism complex in the Van Don Economic Zone.
According to ISC, the total investment capital of the project may reach $7 billion, which would be spent on a casino, marina, residential quarter and high-end hotels.
Meanwhile, in the central province of Quang Nam, the Nam Hoi An casino project has reportedly found a new partner. US-based Peninsula Pacific will replace Genting as the foreign investor of the project. It is expected that the appearance of a new partner will lead to a number of changes in the project.
The investor has proposed a project duration of 50 years, starting from the day the new investment license is granted, rather than the day that the first investment license was granted. The investor has also proposed the extension of the investment license for no less than 20 years. The project would cover an area of 1000 hectares rather than the 1538 hectares initially planned.
However, while the investor wants smaller land area for the project, it wants a bigger casino. In the first phase of project development, the casino would house 90 game tables instead of 70, and include 500 hotel rooms.
vietnamnet
