Vietnamese government to review US$2.18bn casino resort plan
The project would have a target completion of Q3 2032 if approved.
Vietnam.- Quang Ninh province has submitted a proposal for the development of a US$2.18bn integrated resort (IR) to the prime minister. The project proposed for Van Yen village, Van Don district, spans 245 hectares and is expected to complete construction within nine years, culminating in the third quarter of 2032.
Operating under a 70-year tenure, it will be one of only two casinos that allow Vietnamese citizens to enter under a policy from 2016. With an initial capital outlay of VND51.55tn (US$2.18bn), the project anticipates an average annual after-tax profit of VND8.16tn. The break-even point is forecast at 32.8 years.
According to VN Express, over its projected 70-year lifespan, the IR would be expected to contribute VND228,000bn to the state budget and create approximately 6,000 jobs. Gambling in Vietnam is illegal outside a handful of venues and is punishable with fines of between VND100m and VND50m (US$430 to US$2,150). Online gambling is prohibited.
Ho Tram casino resort opening postponed
The opening of Ho Tram casino resort in Vietnam has been pushed back to 2027. Its the 11th delay for the US$4.23bn project in southern Vietnam. Initially granted a permit in 2008, the Ho Tram Project Company envisioned a development featuring a casino, a five-star hotel with 9,000 rooms, an 18-hole golf course, villas and a shopping area.
According to VN Express, the company attributes delays to the enduring impacts of Covid-19, insufficient transport infrastructure connecting Ho Chi Minh City and Ba Ria, Vung Tau Province, the development site and bureaucratic challenges.
