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Vietnam – Peninsula Pacific signs up for Vietnam project

By - 24 March 2014

Vietnamese property developer VinaCapital has said it will team up with Los Angeles-based Peninsula Pacific

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to help fund South Hoi An; a 500 room resort casino near Vietnam’s coastal city of Da Nang.

The development is being planned for an economic development zone in the central province of Quang Nam.

Peninsula Pacific used to own Peninsula Gaming, who has experience of operating casinos in the states of Louisiana, Iowa and Kansas before it was sold to Las Vegas-based Boyd Gaming in 2012. It is replacing Genting as the casino name inthe project after the Malaysian operator pulled out in September 2012.

To make the project more attractive to investors, VinaCapital has reduced the project’s footprint by a third whilst asking to increase its gaming floor from 20 tables to 90. It is believed that a foreign entity could buy up to an 80 per cent stake in the project. Vietnam currently only opens casinos to foreigners or people with foreign visas.

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