Includes five-star hotel, convention center
Billionaire businessman Tr?nh V?n Quy?t will invest approximately US$2 billion in a Vietnamese casino resort through a subsidiary of his FLC Group Joint Stock Co., reports Bloomberg News.
The unit known as FLC Faros Van Don got permission from the government of Quang Ninh Province to build the casino project, the company reported. The Hanoi-based real estate company operates several hotel resorts in Vietnam and is listed on the Hanoi Stock Exchange, according to GGRAsia.
The planned casino resort will be located on 4,000 hectares (9,880 acres) in the country’s Van Don Special Economic Zone, which includes Ngoc Vung and Van Canh islands in Quang Ninh. The resort proposal includes a five-star hotel, convention center and golf course.
The company wants to take advantage of a new law in Vietnam permitting locals to gamble at select locations on a three-year trial basis. It’s been estimated that the country loses $800 million a year in revenues due to gamblers who are barred from playing at home, so cross the border to indulge their pastime.
Among the global players eying Vietnam is the Las Vegas Sands Corp., which has made its entry into the market contingent on locals gaming. Would-be operators must be willing to invest at least US$2 billion under the trial program. Vietnamese gamblers could not enter unless they meet certain economic benchmarks and have not been identified as problem gamblers.
FLC shares jumped by up to 5.1 percent on the news of its planned development.
