Approval Given for $2bn Casino Resort
FLC Faros Van Don, a specialist in developing beach resorts in Vietnam, has been granted approval to spend around US$2bn on a casino resort
Approval has been given for $2bn casino resort in Van Don Special Economic Zone in Vietnam by the government of Quang Ninh
VIETNAM CASINO LICENCES
FLC Faros Van Don, a specialist in developing beach resorts in Vietnam, has been granted approval by the government of Quang Ninh to spend around US$2bn on a casino resort in the Van Don Special Economic Zone in the Northern Province of Vietnam.
Te project will include a five-star hotel, an international conference centre, a casino, a golf course, a safari and a museum. Te hope is that the casino will be the first built that will allow Vietnam locals to play on its gaming floor as well as attracting a large number of tourists to Ho Long. Whilst that is yet to be confirmed the company’s shares surged by 5.1 per cent on confirmation of the casino part of the project.
Nguyen Duc Long, Chairman of Quang Ninh People’s Committee, said: “Quang Ninh is striving to make Ngoc Vung a tourist attraction, contributing to the development of the local smoke-free industry. We are glad to have FLC invest in Ngoc Vung.”
Von Don’s population is estimated to reach 150,000 by 2020 with tourist levels aiming to hit
Asia
MGM Resorts has hit a cybersquatter using the
livemgm.com brand to operate an online gambling site in Asia with a lawsuit. Filed at the US District Court for the District of Nevada , MGM accused the site of infringing its trademarks. Te filing accuses the operator of ‘impersonating MGM and trading off the substantial fame goodwill and consumer recognition.’ Te Chinese- language gambling site has used MGM’s trademarks, including its lion logo, on the website in an attempt to ‘lure gamblers to gamble at its illicit website.’
Te Las Vegas operator wants injunctive relief against the online site, along with the transfer of the domain name, plus compensatory and punitive damages, as well as attorneys’ fees and costs. MGM operates more than 20 resort properties across the US and abroad and has used the ‘MGM’ trademark since 1973.
1.7m, including 900,000 international visitors. FLC wants to build more than 2,500 condotels, 1,400 villas, 3,500 hotel rooms and four golf courses. It is in discussion with investors regarding its first overseas bond sale, which could help raise $200m.
All eyes will be on Vietnam when a pilot scheme allows Vietnamese to gamble in select casinos for the first time.
Another pilot will allow sports betting nationwide on horse and dog races, as well as international football matches. Tis move follows the launch of an American-style lottery started last year by the finance ministry in partnership with Malaysia’s Berjaya Corp Bhd.
Vietnamese gambling spend in Macau, Singapore and Cambodia is believed to have reached $800m a year. Local company Sun Group is also planning to build a casino resort in the Van Don Special Economic Zone. Hong Kong’s Chow Tai Fook and VinaCapital are spending $4bn on a casino project in Quang Nam along the central coast.
Silver Heritage Director resigns following resort delays
Nepal
Silver Heritage Group, the operator of casinos in Vietnam and Nepal, has confirmed that Hugh Holmes has resigned from his position of Executive Director for special projects at Silver Heritage. Mr. Holmes has ‘ceased involvement in the development of the company’s $40m Nepal resort project, Tiger Palace Resort Bhairahawa,’ according to a statement from the company.
Responsibility for the execution of the final stage completion of the Tiger Palace Resort Bhairahawa will be taken up by a dedicated project management team headed by Adam Titus, who has agreed to assume the role of Project Director. Mr. Holmes has agreed to remain on board for transitional arrangements to
Mr. Titus who has over 30 years’ experience in design, development, and construction, opening more than 10 gaming and hotel developments in Asia and globally, most recently working with MGM Macau and Okada Resorts in Manila, Philippines. He has a demonstrated track record in ensuring the successful completion and opening of quality resorts.
Mr. Titus will be supported in pre-opening planning and execution and the handover to operations by the Resort Manager Mr. Enrico Dovadola who has himself been involved in more than 6 casino resort openings in Asia-Pacific, most recently with Galaxy Macau and MGM Macau. Mr. Titus will report to the Board of Silver Heritage. Tiger Palace Resort Bhairahawa is Silver Heritage’s resort development located just 15 minutes drive from the airport at Bhairahawa, Nepal, and 20 minutes drive from the Nepal-India border.
AUSTRALIA – Aquis Entertainment has reported that its Canberra casino made a worsening loss of A$7.7m in 2016, as it waits for the government to approve a redevelopment plan that will see slot machines introduced.
Gambling revenue actually increased 21 per cent over the year, reaching $22m. F&B was also up reaching $2.23m for the year and spend per head was up 33 per cent. The company invested $14m in renovations in 2016 following what it said was years of under investment. Gaming tax paid to the government reached 23 per cent and 18 per cent in 2015 and 2016 respectively compared with four per cent year-on-year declines in previous years.
New Chief Executive Jessica Mellor said: “Strong top-line growth is a validation of the new energy we have injected into the business. We have appointed experienced leaders from around the world to lead key operational areas including food and beverage, marketing and gaming. Aquis Entertainment will continue to invest strongly in our long-term plan. Our auditors and directors all believe that the company is financially stable with performance and growth prospects in line with expectations and our business plans.”
Aquis wants to invest a further $307m on the casino, in two stages over five years, including bringing slots into the venue for the first time. Politicians want to limit the casino’s slots to $1 spins and $500 jackpots, as well as mandatory pre- commitment, where players limit what they are going to spend before playing. Aquis owner, Hong Kong businessman Tony Fung, believes there are ‘reasonable grounds to believe that the consolidated entity will be able to continue as a going concern.’ The company has access to a $4.9m approved but unused borrowing facility.
In a recent study, only one in five Canberrans opposed the proposed new integrated city entertainment precinct despite a vicious fear campaign by the clubs lobby group. Ms Mellor, said she was encouraged by the results as they showed Canberrans were able to see the city-building benefits of investment in tourism and entertainment infrastructure.
“While the clubs lobby has focused enormous effort on a misinformation campaign based on a small number of gaming machines, it is pleasing to see that Canberrans have been able to see through this and have clearly understood the bigger opportunities presented by our proposal. As is the case in every other city, there is no reason why our integrated resort and modern clubs can’t and shouldn’t coexist in a way that increases the net benefit to the economy and the community.
NEWSWIRE / INTERACTIVE /
247.COM P31 ASIA & OCEANIA
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