Vingroup, one of the largest real estate firms in Vietnam, recently announced that they planned to construct a mega-casino resort estimated to be around $870 million in Hai Phong. This resort island project will cater exclusively to tourists visiting Hai Phong as locals are not permitted to gamble in casinos. However, the $870 million dollar casino-resort will create thousands of part time construction jobs and thousands of full time jobs once the casino-resort goes live.
The construction of the casino is expected to commence in 2015 and the project is expected to be completed in 2020, if all goes as per plan. Vingroup is yet to confirm if it would be sole investor in the project or if it would collaborate with other financial investors in order to raise funds for the project.
The collapse of Macau’s casino industry has been beneficial to the casino industry in neighbouring countries like the Philippines, Vietnam, Cambodia and South Korea as gamblers from Mainland China have been keen to travel across the border and play high stake games at these casinos.
Casino operators in Vietnam are making elaborate plans to prepare to accommodate these VIP gamblers from Mainland China as they were responsible for generating more than fifty percent of Macau’s casino revenues. This mega casino-resort in Hai Phong will be one such venue that will look to attract these VIP gamblers.
The project will be constructed on 872 hectares and will include a beautiful 36 hole golf course that is expected to open before the end of 2016. The casino-resort will also have an amusement park, 1,116 ecological villa’s and a high-end cable system that will link the mainland to Vu Yen Island.
The Vietnamese government is in favour of the casino project considering the amount of revenue it is expected to generate for the government. The authorities have asked the Vingroup to consider including a number of other additions to their project in a bid to attract more investment. The authorities have asked Vingroup to add a five star hotel, a casino and a luxury marina.
The Vingroup has taken on a number of massive projects including the Vinpearl Luxury Da Dang, the Vinpearl Nha Trang, the Vinhomes Central Park and the Phu Quoc and Hai Phong resorts. The Vingroup was founded by Pham Nhat Vuong, the only billionaire in Vietnam.