between Vietnamese investment banking firm VinaCapital and Macau based SunCity and Hong Kong’s Chow Tai Fook Enterprises.
Previously Genting were investing, but they pulled out in 2012, which has caused delays in the project. However, first ground was broken in spring 2016 and phase one is luxury apartments and villas, golf course, amusement park and casino. Te five year project will also include a five star hotel, eco-park and cable car service and marina. It will be the first Integrated Resort in the Central Vietnam region.
Te third project is in Van Don, which is a district comprising of more than 600 islands within the province of Quang Ninh in the north east area of Vietnam. It includes the famous World Heritage Halong Bay. A new airport is to be built and the idea is to attract tourists to the region and the promotion of high end tourism, including Integrated Resorts and its Special Economic Zone will concentrate on this element. Te plans include waterfront homes, marina and seaport initiatives. Te casino project is being developed by Vietnam’s Sun Group and is due to be open between 2017 and 2018 and will include the pilot project for locals permitted to gamble in the casino.
Te fourth IR project is Phu Quoc, which is being promoted by Vietnamese group VinGroup and will include an 18,800 sq.m gaming floor over two floors, swimming pools, four and five star hotels, convention centre, spa, theatre and shopping and dining. Te province of Kien Giang was given the green light for a casino on the tourist island back in January 2015. Te casino is expected to have 200-400 tables and 2,000 slots. Around 600,000 tourists visit Phu Quoc each year of which 55 per cent are foreigners. Again this is highlighted for the pilot locals gambling project.
although management hoped they would be part of the pilot scheme, this hasn’t happened. It is thought this is due to fact the project has not reached its full investment level.
Te Ho Tram Strip was the first IR project in Vietnam. Tis upscale beach resort on the South China Sea is also the only integrated resort project operating at the moment. Te Grand Casino opened in 2013 just south of Ho Chi Minh City on the Ho Tram Strip.
ACDL now plans to add a second tower to its resort with family friendly entertainment facilities, which includes two cinemas, a shopping arcade, sky top lounge, amphitheatre, water park and roller coaster. With 559 rooms it will bring total room count to 1,100.
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Te Grand Casino offers over 500 slots and 90 table games plus VIP rooms. Ho Tram is a small beach town and although two hours from the city, it offers a beautiful coastline and its aim was to compete with Manila and Phnom Penh.
Te province has also agreed in principal to the construction of a small airport to be used exclusively for the IR complex to ferry tourists from domestic airports to the Ho Tram Strip.
Te second IR project planned is Nam Hoi An Casino Resort, which is located in the Quang Nam province in the south. Te project is set to become the second Integrated Resort in Vietnam after the Grand Ho Tram Strip.
Te Nam Hoi An project is a joint venture
In 2015, Vietnam exported goods worth US$162bn, which is an increase of 7.9 per cent over the previous year. On the other side, the country imported goods valued at US$165bn, presenting a 12 per cent increase over 2014. The main exported goods were telephones and mobile phones ( US$30.2bn), textiles and garments (US$22.8bn), computers and electrical products (US$15.6), footwear (US$12bn) and machine equipment (US$8.2bn). It is also important to notice that the exports mobile phones and computers, being the higher value added industries, grew on a much higher rate year on year (28 and 37 per cent respectively) compared to textiles and garments (9 per cent) and footwear (16 per cent).
Meanwhile the two other locations under consideration for resort projects are Hue and Cam Ranh Bay. Hue is known as the most royal city in Vietnam and located on the bank of the Song Huong river in central Vietnam and is the capital of the Tua Tien Hue province. Potential investors here include Banyan Tree Holdings from Singapore.
Cam Ranh Bay is a deep water bay in the province of Khanh Hoa in the south east coast of Vietnam linked to South China Sea. It houses an old military base and is touted as the next big tourist resort with its unspoilt coast line. Hung Tinh Real Estate proposed a casino here last year.
Oliver Massman at Duane Morris said: “Mid to high income people in Vietnam are predicted to double by 2020. Tey will have more demand for high class Integrated Resorts. If the Vietnamese are allowed to gamble, development in Integrated Resorts with casinos is a smart decision to make profit in Vietnam. In addition the government will benefit from tax payments from these resorts.
“Gambling is a potential sector in Vietnam with lots of opportunities. With the issuance of the casino decree and sport betting decree, the legal framework in the area is much improved. Tis will attract investment of big names in the market in Vietnam.”
NEWSWIRE / INTERACTIVE /
247.COM P91
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