Vietnam’s Ministry of Finance has reportedly submitted a proposal to the Prime Minister seeking approval to push forward with a VND51.5 trillion (US$2 billion) luxury casino-resort development in Quang Ninh province.
The project is the same one previously proposed by the Quang Ninh Provincial People’s Committee and which was tentatively granted approval to take part in a pilot program allowing locals to gamble. According to a report by VN Express, the Ministry’s proposal includes a call for the development – known as the Van Don casino project – to take part in the pilot program once open for business.
As previously reported by IAG, the resort would be located on a 244.5-hectare site of which 182.4 hectares would be for project implementation and 62.1 hectares reserved for natural forest. If approved, development is expected to take nine years with a tentative opening date of 2032 and a projected IR lifespan of 70 years.
This latest update explains that the project – which does not yet have an external investor – would be divided into three phases with the opening phase to include an investment of VND25.1 trillion (US$964 million), phase two VND22.1 trillion (US$849 million) and phase three VND4.3 trillion (US$165 million).
It also calls for an investor to tip in VND7.7 trillion (US$2296 million) in cash with the remainder able to be provided through bank loans. It remains unclear whether any international investors would be willing to take part, however, given the lack of any movement around locals gambling for Vietnam’s existing integrated resorts in Hoiana and The Grand Ho Tram.
Only one property, Corona Resort & Casino on the island of Phu Quoc, has taken part in the locals pilot program although the pilot stagnated due to the COVID-19 pandemic and officially came to an end at the start of this year.
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