New $2bn Vietnam casino project proposed

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New $2bn Vietnam casino project proposed

Local authorities in Khánh Hòa, Vietnam, have recommended a new $2.24bn casino project be given the green light.

Local media report that the proposed resort would be based on Hon Tre, an island near the provincial capital of Nha Trang, and would be the second such casino to be approved in the region.

In accordance with national regulation, the project will require the asset of the Vietnam politburo and prime minister before it can go ahead. Before this, however, a tourism and socio-economic assessment will need to be conducted, according to the Ministry of Finance.

It’s understood that Vinpearl, a hospitality firm and part of the Vingroup conglomerate, is a prominent backer of the project. The company hopes that the gradual opening of the Vietnamese gaming market to locals offset any market saturation worries.

At present a pilot scheme allowing residents to partake in gambling activities is only in operation at the Corona Resort and Casino. A to-be-finalised location in Quảng Ninh will also be part of the scheme.

However, despite the ongoing Covid pandemic, and its associated impact on international travel, operators have been lobbying authorities to allow the nation-wide admission of residential bettors.

It is not yet known if any new casino resorts would be part of the local gaming pilot scheme.