Vietnam’s Ministry of Finance has rejected a proposal to develop a casino resort on the Cam Ranh peninsula, in Khanh Hoa province, reports local news outlet Vietnamnet, quoting an official document.
The ministry said that any appraisal of new casino projects should wait until a decree guiding casino operations in the country is finalised, added the media outlet.
Vietnam’s government – specifically the Ministry of Finance – is reportedly considering a draft decree to regulate the casino industry in the country.
According to the ministry, the decree is still being discussed among government agencies after a period of public consultation, Vietnamnet reported.
The proposal turned down by the Ministry of Finance had been submitted by the Khanh Hoa Provincial People’s Committee in May, said the media outlet.
The complex was planned for a 31-hectare (76.6-acre) site. The scheme included a five-star hotel and a casino, as well as villas, resorts and a marina. The project has an estimated cost of VND350billion (US$16.1 million), excluding the casino investment.
Locals are currently barred from playing in Vietnamese casinos. There has been media speculation that the proposed decree might include a provision to allow local citizens to enter the country’s casinos under certain conditions. One possible requirement mentioned in the country’s media is an income test.
Allowing locals to play – even under restricted conditions – is likely to boost the interest of foreign investors in the country, local and international media have additionally reported.
In May, Banyan Tree Capital – the investment arm of hotel operator Banyan Tree Holdings Ltd – issued a request for concept for an outside bidder to develop a facility including a “gaming complex” in Vietnam’s Thua Thien-Hue province.
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President and chief operating officer of Macau-based casino operator Sands China