Vietnam is seeking bids to manage the country's $2.2 billion Van Don casino resort
The Vietnamese government is hoping to attract interest from potential casino operators in its upcoming $2.18 billion integrated resort casino.
Vietnam’s Ministry of Planning and Investment announced last week new details of the government’s plans to invest in and open an integrated resort in the Van Don Special Economic Zone in Quang Ninh Province. Van Don Casino was first announced in 2017 and was said to be one of two casinos open to residents of the Southeast Asian country.
The Ministry of Planning and Investment said the Van Don casino project will be a VND51.55 trillion ($2.18 billion) project. The casino is expected to generate VND8.16 trillion ($336 million) in tax benefits annually.
In further comments on the project, Quang Ninh Provincial People's Assembly said this week that the development partner and management company will be selected through a tender process.
State sponsored casino
Located in the Quang Ninh Special Economic Zone, Van Don Casino Resort will complement the Corona Resort & Casino, which opened in 2019 in Phu Quoc City in southwestern Vietnam.
The Kien Giang casino has 1,000 slot machines and 100 gaming tables. The $2.1 billion resort features more than 3,000 five-star rooms, 20 restaurants and bars, an 18-hole golf course, an amusement park and a wildlife sanctuary.
The project is developed by Phu Quoc Island Tourism Investment and Development Company in partnership with Vietnamese conglomerate Vingroup Company. The casino is now operated by Netherlands-based Upfinnity Gaming Management. It was previously operated by operated by Suncity Group.
Van Don is located in northeastern Vietnam, close to the Chinese border. With casino gambling banned across China except in the Macau Special Administrative Region, the Vietnamese government plans to open a nearly $2.2 billion casino in Quang Ninh province to target Chinese tourists.
Ministry officials said the IR covers an area of about 550 hectares. Local authorities expect construction of the sprawling resort to take nine years, with an opening date around 2032.
In addition to resort and casino facilities, the $2.2 billion budget also includes the construction of high-end residences.
Vietnam Gambling Industry
In addition to Corona in Vietnam's southwest corner, the country has eight casino resorts reserved exclusively for guests holding foreign passports. Gross gaming revenue (GGR) exceeded $600 million last year.
Vietnam’s commercial gaming industry continues to grow, with annual revenue increasing by nearly 10% annually. Analysts said other Asian markets including Vietnam and Vietnam are also expected to see significant growth as China cracks down on mainlanders traveling to Macau to gamble.
“Spurred by the Chinese government’s crackdown on Macau’s casino enclave, some VIP gambling tour operators, so-called junket operators, appear to be weathering the storm while shifting business elsewhere in their regional networks. “ In Vietnam , local gambling operators are repositioning themselves to capture their own China whale, potentially penetrating deeper into troubled junket operators,” Vietnamese journalist Coby Hobbs told the Southeast Asian Global News last month wrote.
Read also:
- Football 101: What is relegation in football?
- Vegas Music Roundup: Stone Rolls Over Allegiant, Garth Extends
- Las Vegas New Year's Eve attacker reportedly faces 74 charges
- Formula 1's November betting revenue hits record high
Source: www.casino.org
