Minimum billion investment
The location of a proposed luxury resort on Vietnam’s Phu Quoc Island may change.
The casino resort has already been approved for the island off Kien Giang Province. But the Ministry of Construction has reportedly asked the prime minister for approval to relocate from a largely residential sector to a 37-hectare (91-acre) zone for luxury tourism facilities in the northwest, reports TTR Weekly.
The ministry reportedly believes the project is better suited to a parcel next to Vinpearl Resort rather than the current site in Da Chong Ward in Bai Thom, the Saigon Times reported.
The casino will have between 200 to 400 tables and 2,000 gaming machines as well as conference facilities and five-star hotels with 3,000 rooms. According to plans for the special economic zone, investor
s would be required to invest at least US$4 billion in the project.
Phu Quoc attracted 600,000 visitors in 2014, up 37 percent over 2013, according to the Kien Giang Department of Culture, Sports and Tourism. New resorts may help the island to attract 2 million to 3 million visitors a year.
In addition to development on Phu Quoc, gaming operators hope Vietnam will open the rest of the country to more casino investment. According to Vietnam Netbridge, a fully developed casino industry in Vietnam could bring in revenues of $3 billion a year. There are currently seven licensed casino operations in the country. The largest are the Grand Ho Tram in Ba Ria-Vung Tau, which opened in July 2013, and Nam Hoi An Resort in Quang Nam province, which has not yet opened.
