$4 Billion Vietnamese Casino to Break Ground April 23

Sun, Apr 17, 2016

The first phase of a $4 billion integrated casino resort in South Hoi An, Vietnam will begin construction this week. The property is a joint venture of Vietnamese asset management firm VinaCapital, Macau-based SunCity, and Hong Kong-based Chow Tai Fook Enterprises.

Government weighing locals gaming

A $4 billion casino resort in South Hoi An, Vietnam is set to break ground April 23. According to the Vietnam Investment Review, the $500 million Phase 1 of the project, on 160 hectares (395 acres) in the central Quang Nam Province, is expected to be complete in the first quarter of 2019. It will be the second largest casino in Vietnam after the Ho Tram Strip resort and casino in Ba Ria-Vung Tau.

The complex will include five-star hotels and villas and an electronic gaming facility aimed at foreign tourists. First licensed in 2010, it began as a joint venture of Vietnamese asset management firm VinaCapital and Malaysian casino giant Genting Berhad. But in September 2012, Genting withdrew from the project. Macau-based SunCity, and Hong Kong-based Chow Tai Fook Enterprises joined the team in 2014.

According to the Asia Gaming Brief, the Vietnamese government is considering legislation that could legalize online gambling and also allow locals to enter the country’s casinos.

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