The developer of Vietnam’s Laguna Lăng Cô beach resort on Wednesday said it was unlikely to make an announcement before 2016 on a gaming operator partner to run a casino planned for the second phase of the project.
A request for concept (RFC) was issued in May to develop an “integrated entertainment project” – including a casino – at the resort.
“The selection of a gaming operator is expected to coincide with the convening of the National Assembly in early 2016 and subsequent discussions about how to proceed with gaming and tourism development, and the creation of a more robust regulatory regime and gaming licensing policy,” said Laguna Lăng Cô in a press release.
Vietnam’s National Assembly is the country’s legislative body. It usually convenes twice a year. But a resolution adopted this month on the law-making agenda for next year scheduled three plenary meetings for 2016, including the last sitting of the 13th legislature and two sittings for the new legislature, according to local media reports.
Vietnam’s government is reportedly considering a draft decree that would ease gaming-related regulation, including the possibility of allowing local citizens to enter casinos under certain conditions.
The Laguna Lăng Cô resort (pictured), a tourism project in Vietnam’s Thua Thien-Hue province, opened in April 2013. Phase I of the resort was comprised of a 57-villa Banyan Tree resort, 229 room Angsana resort and luxury residences. It has an 18-hole golf course and a conference centre.
Banyan Tree is a hotel brand of Singapore-listed hotel and resort developer Banyan Tree Holdings Ltd. Banyan Tree Capital (BTC), the hotel group’s investment arm, will be overseeing the RFC process for Laguna Lăng Cô’s integrated resort .
“Phase IIA will include additional luxury accommodations and the possible addition of a gaming facility,” the developer said in Wednesday’s statement. The gaming complex however still requires the necessary approval from Vietnam authorities.
“Few people outside of the Asian hospitality industry realise the breadth and scope of Laguna Lăng Cô. The project is similar to Laguna Phuket – only master planned on a far grander scale,” said Andrew Klebanow, a partner at Global Market Advisors LLC.
Global Market Advisors was hired as “strategic procurement advisors” for the RFC process and conducted the gaming market assessment for Laguna Lăng Cô.
“The addition of a games club will only enhance the vacation experience for guests staying at Laguna Lăng Cô,” added Mr Klebanow.
May 25, 2022Travellers International Hotel Group Inc, the owner and operator of the Resorts World Manila casino resort (pictured), reported first-quarter gross gaming revenue (GGR) of PHP6.5 billion (US$124.4...
May 25, 2022
”If China’s travel easing gets delayed to the second half of 2023 [Macau operator’s aggregate net debt] could rise another US$2 billion, to US$27 billion by end-2023"
Praveen Choudhary, Gareth Leung and Thomas Allen
Analysts at Morgan Stanley banking group