GGRAsia – A fresh US$2-bln casino project proposed for Vietnam

A fresh US$2-bln casino project proposed for Vietnam

Mar 04, 2021 Newsdesk Latest News, Rest of Asia, Top of the deck

Authorities in Vietnam’s Khanh Hoa province are seeking approval from the country’s top leadership for a second casino resort project – with an investment value of more than US$2 billion – to be developed there, according to local media reports.

The scheme would need the assent of Vietnam’s politburo and the prime minister, the reports said. The US$2.24-billion casino and tourism complex would be on Hon Tre, a coastal island near Khanh Hoa’s provincial capital, Nha Trang.

Hospitality firm Vinpearl Co – part of prominent Vietnam conglomerate Vingroup Co – is said to be one of the backers, according to local media outlets Tuoi Tre News and VnExpress.

Both cited remarks from the Ministry of Finance, that assessment was needed regarding the benefits of such a scheme for local tourism and socio-economic development.

Khanh Hoa secured in 2019 prime ministerial approval for another casino project, said to involve a US$2.02-billion investment, and to be located in the province’s Cam Ranh city, according to the local media reports.

Only two casino projects in Vietnam are currently allowed to cater for local players, under a pilot scheme run by the national government. Such customers must be deemed economically qualified under the terms of the scheme.

One casino permitted to accept locals is the already-operating Corona Resort and Casino, on the southern island of Phu Quoc. The other is due to be in Van Don in the northern province of Quang Ninh.

A number of casinos in Vietnam has reportedly lobbied the authorities there for the right to admit local gamblers, to make up for a lack of business due to inbound restrictions on foreign visitors amid the Covid-19 pandemic. That is according to a recent report in VnExpress.