Business
Quang Ninh seeks government approval for US$2-billion casino
The first phase of the project is scheduled to be completed in the first quarter of 2019 and become fully operational by the first quarter of 2022, local media reported.
Vietnam’s northern coastal province Quang Ninh is seeking government approval for a casino-integrated entertainment complex in Van Don district, which would be a special economic zone, according to Nguyen Duc Long, chairman of the municipal People’s Committee.
Van Don is the breakthrough in the province and Vietnam’s economic development, Long said in an online conference between the government and 63 provinces discussing socio-economic targets for 2019 on December 28.
According to Long, the project is under the Ministry of Planning and Investment (MPI)’s consideration, adding that he hoped the process would be concluded soon.
For the time being, Quang Ninh has attracted over VND36 trillion (US$2 billion) into Van Don’s infrastructure, in which the Van Dong International Airport and Ha Long – Van Don expressway are two major projects.
The province planned to kick started the Van Don – Mong Cai highway project with total investment capital of VND11.2 trillion (US$481.8 million) in the first quarter of 2019. It is scheduled to be completed within 22 months, Long added.
The Van Don casino-integrated entertainment complex project would cover an area of 2,500 hectares with a total investment capital of over US$2 billion, while the license is expected to be valid in 50 years.
The first phase of the project is scheduled to put into operation in the first quarter of 2019 and fully completed by the first quarter of 2022.
Once completed, the entertainment complex is expected to contribute VND250 billion (US$10.7 million) per year to the state budget.
In November, Prime Minister Nguyen Xuan Phuc approved a similar project in Phu Quoc island that allows Vietnamese to gamble in the casino on a trial basis.
Recently, the PM has also given permission Laguna Lang Co Company in Thua Thien-Hue province to operate a casino, following a permission for the investor Bayan Tree Holdings (Singapore) to raise the project's investment capital to US$2 billion.
In 2016, the US$4-billion South Hoi An integrated casino resort located in the central province of Quang Nam started constructions through a partnership among VinaCapital, Chow Tai Fook Enterprises (Hong Kong) and SunCity Group (Macau). The first phase of the project is expected to be launched by early 2019.
The project would be the second-largest casino in Vietnam after the Grand Ho Tram Strip resort and casino complex located in the southern province of Ba Ria-Vung Tau.
Illustrative photo.
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According to Long, the project is under the Ministry of Planning and Investment (MPI)’s consideration, adding that he hoped the process would be concluded soon.
For the time being, Quang Ninh has attracted over VND36 trillion (US$2 billion) into Van Don’s infrastructure, in which the Van Dong International Airport and Ha Long – Van Don expressway are two major projects.
The province planned to kick started the Van Don – Mong Cai highway project with total investment capital of VND11.2 trillion (US$481.8 million) in the first quarter of 2019. It is scheduled to be completed within 22 months, Long added.
The Van Don casino-integrated entertainment complex project would cover an area of 2,500 hectares with a total investment capital of over US$2 billion, while the license is expected to be valid in 50 years.
The first phase of the project is scheduled to put into operation in the first quarter of 2019 and fully completed by the first quarter of 2022.
Once completed, the entertainment complex is expected to contribute VND250 billion (US$10.7 million) per year to the state budget.
In November, Prime Minister Nguyen Xuan Phuc approved a similar project in Phu Quoc island that allows Vietnamese to gamble in the casino on a trial basis.
Recently, the PM has also given permission Laguna Lang Co Company in Thua Thien-Hue province to operate a casino, following a permission for the investor Bayan Tree Holdings (Singapore) to raise the project's investment capital to US$2 billion.
In 2016, the US$4-billion South Hoi An integrated casino resort located in the central province of Quang Nam started constructions through a partnership among VinaCapital, Chow Tai Fook Enterprises (Hong Kong) and SunCity Group (Macau). The first phase of the project is expected to be launched by early 2019.
The project would be the second-largest casino in Vietnam after the Grand Ho Tram Strip resort and casino complex located in the southern province of Ba Ria-Vung Tau.
