In Vietnam and authorities in Khanh Hoa Province have reportedly begun lobbying the central government for permission to bring a new $2.24 billion integrated casino resort to the large island of Hon Tre.
According to a report from GGRAsia citing earlier stories from the news domains at VnExpress.net and TuoiTreNews.vn, the envisioned but as yet unnamed development would be the region’s second such venue after the Casino KN Paradise Cam Ranh, which is being built on a 40-acre beachfront site situated some 22 miles to the south near Can Ranh International Airport. The source detailed that this latter $2.02 billion property is the brainchild of local real estate firm KN Cam Ranh Company Limited and is expected to fully open by the end of 2023 featuring multiple hotels, an amusement park and exhibition facilities in addition to a large casino offering approximately 2,000 slots as well as 200 gaming tables.
Located about 220 miles north of Ho Chi Minh City along the shores of the South China Sea, Khanh Hoa Province with its capital city of Nha Trang is home to almost 1.2 million people and has long been a popular destination for foreign and domestic tourists due to its lush forests and white sand beaches. Local hospitality firm Vinpearl Company, which is a subsidiary of prominent Vietnamese conglomerate Vingroup Company, is reportedly hoping to capitalize on this attractiveness by bringing an integrated casino resort to Hon Tre.
However, local laws reportedly require Vinpearl Company to obtain an investment certificate from the central government and the office of Prime Minister Nguyen Xuan Phuc before breaking ground on any proposed integrated casino resort. The source explained that this document would subsequently oblige the developer in association with any partners to invest a minimum of $2 billion on building the proposed gambling-friendly venue and spend half of this amount before welcoming guests to any of its facilities.
Consequently, Vietnam’s Finance Ministry is now reportedly thought to be accessing the possibility of authorizing a second large casino resort for Khanh Hoa Province by conducting an evaluation of the socio-economic benefits and harms such a scheme could bring.
This news reportedly comes only days after a group of unnamed casino operators started urging Nguyen’s government to allow locals to gamble within their establishments. Vietnamese citizens are currently only permitted to wager at one casino, the Corona Resort and Casino on the southern island of Phu Quoc, but the firms are purportedly hoping that a change of policy by Hanoi could help them to make up for a dramatic drop in business linked to a recent coronavirus-related fall in overseas tourism.