In Vietnam, a long-planned locals casino resort is now under review by the country’s prime minister. As reported by Inside Asian Gaming, the project, to be located in Van Don, Quang Ninh Province, would be one of only two Vietnam casinos that allow locals to play, provided they meet certain financial benchmarks.
On November 24, the country’s Ministry of Planning and Investment submitted a report on the long-awaited integrated resort (IR) project, with an estimated cost of US$2.18 billion. The project has been under consideration since 2018.
The IR would include a casino, luxury hotels and other tourist attractions on a 245-hectare (605-acre) site in Van Yen village, part of the Van Don Economic Zone. If approved, the complex could be complete by the end of 2032.
The casino would be one of only two in the country to allow Vietnamese adults 21 and older to enter and gamble if they can document a monthly minimum income of VND10 million (US$430). They must also pay an entry fee to gamble.
The first resort in the pilot program, the Corona Resort & Casino in Phu Quoc requires locals to pay VND1 million (approx. $43) for a 24-hour casino pass, or VND25 million ($1,000) per month. Locals aren’t allowed to gamble more than 720 hours a month.
The Corona IR opened in early 2019 as part of a three-year trial of the concept. But it was shut down for most of that time due to Covid-19. The trial period has since been extended, reports IAG.
The Quang Ninh People’s Committee hopes to launch a bidding process for potential developers and operators by the end of the year, pending central government approval.
The IR could generate an average annual profit of up to $346 million (VND8.16 trillion). Over its projected 70-year life, it could add approximately US$9.7 billion (VND228,000 billion) to government coffers and create about 6,000 jobs.
Under guidelines set by the Vietnam Ministry of Finance, only investments of US$2 billion or more will be considered. The potential operator would be selected through a tender process.
According to the Tuoi Tre News, Van Don, on the Gulf of Tonkin in northern Vietnam, offers many natural attractions, with “forests, beaches, lime mountains and karst caves.” Bai Dai, or Long Beach, is “an untamed treasure of Van Don,” due to its “pristine beauty, white-sand beaches and “crystal-clear seawater.” A casino resort could “offer local and international visitors a luxurious entertainment and tourism area,” said the news outlet.
