Adelson in for up to billion
Though “uncertainty and risk” await investors in the Vietnam gaming market, the Las Vegas Sands Corp. is still keen on developing a casino resort there, says George Tanasijevich, president and CEO of Marina Bay Sands.
In an interview with the Vietnam Economic Times, Tanasijevich said, “Our desire to invest and develop an integrated resort in Ho Chi Minh City and/or Hanoi remains unchanged.” The U.S.-based casino operator has previously expressed interest in the jurisdiction if casinos were open to locals, and in January the Vietnamese government agreed to a three-year trial that will allow Vietnamese gamblers to enter and play at several select domestic gaming halls.
According to GGRAsia, only operators willing to invest at least US$2 billion would be eligible to welcome Vietnamese gamblers; in addition, those gamblers would be required to meet certain economic benchmarks and not be identified as problem gamblers.
In December, Sands Chairman and CEO Sheldon Adelson told an investor conference in Tokyo he would spent up to US$10 billion on a Vietnamese resort.
“There is still uncertainty and risk from the perspective of the investor, given that local entry is being introduced as a three-year pilot program,” Tanasijevich said. “We will closely follow the program and assess our opportunities.” He added that siting casinos Ho Chi Minh City or the capital city of Hanoi in would provide “the greatest economic impact for Vietnam in terms of job creation, increased tourism, economic growth, and tax revenue.
“A world-class MICE facility would help to boost tourism and enhance Vietnam’s reputation as a place to do business,” he said. “We view Vietnam as a market that has a huge upside for business and leisure tourism.”
Vietnam saw a big boost in international tourism last year, with visitation up 26 percent year-on-year to more than 10.01 million.
According to Vietnam.net, the government now allows Vietnamese to patronize only two casinos, in Van Don and Phu Quoc.
