Vietnam could approve new horse racetrack
The horse racetrack would include sports and recreational areas for customers.
Vietnam.- G.O.Max I&D Company expressed to Vietnam’s gaming authorities its intentions to construct a new horse racetrack and recreational centre in northern Vinh Phuc province. Investors and local regulators recently held a meeting to discuss the project.
South Korean investors are lobbying for the horse racing sector legislation in order to close the deal, whilst presenting the investment plan to Vietnamese authorities. Bui Minh Hong, chief of the secretariat at the Vinh Phuc Provincial People’s Committee commented that the investment capital proposal started from US$570 million and was extended to US$1.5 billion.
Vinh Phuc province’s government has been seemingly tempted by the billionaire project. G.O.Max I&D Company’s plan is to construct a racetrack, a 72-hole golf course, a sports and entertainment area, an equestrian centre and polo club, housing and villas. Furthermore, the South Korean company seeks to open 70 betting shops in 54 cities and provinces around the country plus gambling sites.
“Not everyone can come to the racetrack to gamble so locating betting shops in other cities and provinces and providing online gambling are needed to ensure revenue for the project. We will continue to wait for the decree and guidelines from the government. G.O.Max will maintain its relationships with the project’s investors and strategic partners so we are ready to restart,” expressed Jung Young Jin, G.O.Max’s management and strategy director.
