On April 23rd, the Nam Hoi An Casino Resort project of Vietnam is set to begin construction. VinaCapital, an asset management company focused on Vietnam projects, as well as Chow Tai Fook Enterprises Ltd of Hong Kong and the SunCity Group of Macau are working on the project, which has been estimated to cost $4 billion. The venue will be constructed in Hoi An which is in Vietnam’s Quang Nam Province.
The first phase of construction will consist of luxury apartments and villas as well as an amusement park and golf course. This phase has a price point of $500 million and should be finished by early 2019. The value of the project has been set by state-run media at $870 million and will take five years to complete. This price point includes the villas, ecopark, cable car service and entertainment park. City authorities would like to see a casino, marina and five-star hotel added.
When the resort is completed, it will be the second largest casino of Vietnam, smaller only to the Ho Tram Strip resort. The Nam Hoi casino project was licensed in 2010, but was soon delayed, especially once Genting Malaysia Berhad dropped out of the project.
Back in October, the Vietnam government reportedly was looking at legislation to allow online gambling and the local residents of Vietnam would have been able to visit the casinos of the country in an attempt to stop the outflow of funds that residents were spending in Cambodia. It is believed that local access to casinos will be allowed on a trial basis in at least one of the casinos in Vietnam, which could be the Ho Tram Resort, but there has not been a timeframe set for this as of yet.