A new casino resort is in the works for the Bavet area of Cambodia, with a goal of bringing in Vietnamese gamblers who have been banned from participating in gaming at casinos located in their home country, to the new venue.
Virtue Resorts Corp. (VRC) has set a budget of $200 million to construct Empire World City casino on 50-hectare of land, according to the Khmer Times. The resort will be located in Bavet City, Cambodia which is situated just a short distance from the Moc Bai border crossing of Vietnam. Executives of Virtue Resorts Corp. have stated that they decided to create the integrated casino resort in the Bavet location due to the potential for economic growth of the region that has been predicted for the next ten years.
The new casino will not only add a minimum of 3,000 employment positions but will also help to boost the local economy by bringing in Vietnamese players. The laws of Cambodia are similar to Vietnam and restrict citizens of the country from taking part in the existing gaming venues. If the project goes according to plan, the integrated casino resort will include a casino, online casino area, hotel, and resort, along with a retail shopping mall. A Water Show Arena is also planned.
VRC is hoping that the construction phase can begin by the end of 2017 and the first phase of the resort will be completed by 2019’s end. On April 13th, the firm was able to sign two memoranda of agreement in Sokha Hotel, Phnom Penh. On the 14th, a ground-breaking ceremony took place in Bavet City.
The two agreements include one with 3Ti Progetti Asia Ltd., an architect firm, and casino developer. The second agreement was signed by VRC and the owner of the casino lot.