Vietnam allows casino development
The Asian country will approve an extended gaming license process later this month.
Vietnam.- The Vietnamese Prime Minister Nguyễn Xuân Phúc and his cabinet would approve further gaming facilities in the country, as the legislators would upgrade the casino laws. During Christmas week or the first days of January, the gaming legislation would receive Phúc’s signature to allow the construction of four to five casino resorts.
Under the new regulation, Vietnam would host a total of six casino resorts by 2018. Furthermore, the Asian country would add 50 hotel electronic gaming lounges, seven small casinos for foreign tourists and gaming salon at the departure level of its seven international airports. Vietnam may also legalise the sports betting industry in order to install more gaming venues.
“Vietnam, after years of wrangling its hands whether to open up the gaming industry, has finally reached important decisions and allowed international investors to come in one of the last fertile gaming lands in Asia,” commented to the press Augustine Vinh, chairman and CEO of real estate investment and management firm Stellar Management. Vinh refers to this month’s approval by Vietnam’s Prime Minister of another casino resort in Cam Ranh Bay.
The country is also demanding US$1 billion investment for each operator with current investment certificate that seeks the construction of Van Don, South Hoi An and Phu Quoc casinos. Once the investment project was introduced, the government would grant the gaming licenses. The Grand Ho Tram resort in South Vietnam already obtained its gaming license.
