Hard Rock to invest in Vietnam
Thur Thien Hue authorities introduced a proposal to allow a casino in the province.
Vietnam.- The Thua Thien Hue Provincial People’s Committee (PPC) is seeking the government’s permission to increase investment capital of the Lang Co Laguna beach resort to US$2 billion in order to include a casino in the territory.
The beach resort project located in 280 hectares in the North Central Coast has a capital of US$875 milliom, as Viet Nam News reported. The proposal establishes that the casino facility could cost US$250 million and it would be integrated during the second, third and fourth phase of the project. The Committee is set to partner with Hard Rock International for both the hotel and casino operations, as Vietnambiz reported.
Starting in 2021, the casino is expected to bring US$245 million every year to the province’s budget. The Ministry of Defense and the Ministry of Culture, Sports and Tourism has allegedly given the project the necessary permission to make it possible.
Last week, it was reported that international operators have shown interest in developing the local industry, and Vietnam could update its gaming laws to compete with latest Asian novelties in the casino sector, such as the Japanese, Cambodian and Philippine markets. “International casino developers have been circling Vietnam given the recent lifting of a ban on local gambling,” stated the Commercial and Investment Real Estate company, Jones Lang LaSalle (JLL).
