Opened in 2013
Banyan Tree Holdings is planning a massive expansion of its Laguna Lang Co resort in Vietnam, reports the Vietnam Investment Review. The expansion, which was planned to be completed in four phases, includes six new hotels and a casino.
Phase II is now under way, according to Alexa Phan, marketing director of Laguna Lang Co, a 300-hectare (741-acre), $875 million project. Phase I, representing an investment of $200 million, became operational in 2013, VIR reported.
“Aside from six more hotels, we are developing more vital infrastructure. Laguna Lang Co hopes to be a highlight of tourism in the central part of Vietnam, turning Lang Co into a famous tourism destination just like Laguna Phuket of Thailand,” said Phan.
Phase II will add 126 villas as well as more retail and entertainment facilities, plus a casino, though the company still awaits permission for the latter. In March, Minister of Finance Dinh Tien Dung said he supports the proposal because it will benefit the province as well as the developer.
Michal Zitek, general manager of two five-star hotels and resorts at the complex, expressed confidence that the casino will be approved and opened quickly.
“We are confident that because we already have the infrastructure, the space, and the establishment, we will be able to get the casino going faster than a greenfield project. Everything here is just waiting for approval and we can be operational within months rather than years,” he said.
“Such a natural environment is like a fairytale location in which to have a casino. Macau is all big streets and bright lights. In Vietnam they’re also looking to put a casino in very developed areas. I think putting it in this location would be a unique selling point. It will be a little more exclusive and allow for a more refined casino experience,” he said.
The resort is located at Lang Co, between Thua Thien-Hue and Danang, prime tourism territory. The development already includes Banyan Tree and Angsana hotels and spas, an 18-hole championship golf course designed by Nick Faldo, private villas and residences, plus convention and recreational facilities.
Currently, Vietnam has 50 licensed electronic gaming service providers and has licensed eight casinos, which are open only to holders of international passports. Vietnam has yet to legalize gaming among its own people. That ban—along with a minimum $4 billion investment for integrated resorts—has caused some international investors to hesitate before jumping into the market.
According to VIR, “hotels and resorts … are all eagerly awaiting the government’s decree that will permit Vietnamese people aged 21 and over to gamble.”
