US billion integrated resort planned for Quang Nam
A development group led by asset management firm VinaCapital plan a US$4 billion integrated resort with gaming in the Van Don Economic Zone, in Quang Ninh province in northern Vietnam.
VinaCapital’s partners in the project are Hong Kong-based property developer Chow Tai Fook Enterprises and Macau-based casino operator SunCity Group. “They completed the deal and are ready to resume this long-delayed project,” a local source told Vietstock.vn. Construction on the development is expected to begin in the middle of the year.
The project was initially developed by VinaCapital and Genting Malaysia Berhad. In late 2012, Genting pulled out of the deal, which was supposed to have included and a number of five-star hotels and villas as well as a casino.
The total development area has since been downsized to 1,000 hectares (2,471 acres) from 1,538 (3,800 acres) hectares. But the casino has been expanded to include 90 gaming tables in phase one of the project, and 20 more tables over time.
Meanwhile, the privately run Sun Group will invest approximately VND7.5 trillion ($US348.8 million) into the construction of the Quang Ninh International Airport, also in the Van Don Economic Zone. The construction is expected to start by the end of this month, reported Vietnambreakingnews.com. The airport will have enough capacity to host 2 million passengers a year. The airport will cover a total area of 290 hectares and should be completed in 2017.
More gambling for locals may be on the horizon. According to AGBrief.com, legislation that would allow Vietnamese to gamble for the first time in their own country could be a “game changer” for the industry, though some parts of the legislation were seen as unreasonable. Among them is a stipulation that Vietnamese citizens must show proof of minimum monthly salaries and show “financial competence” or some valuable assets before they can enter and play.
