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Vietnam – Approval given for $2bn casino resort in Van Don Special Economic Zone

By - 22 March 2017

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.

The project will include a five-star hotel, an international conference centre, a casino, a golf course, a safari and a museum. The 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 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 later this month when a pilot scheme will be launched allowing 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. This 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.

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