Prime
Minister Nguyen Tan Dung last week gave the thumbs down to a proposed $4.5
billion casino resort project in Ninh Thuan province.
A year of deliberations ended with Dung
snubbing Hong Kong-based Polo Beach International Limited.
In an announcement last week, the Government
Office stated the prime minister had agreed to “stop considering approval of
the Mui Dinh high-grade tourism complex” in accordance with a proposal from the
Ministry of Planning and Investment (MPI).
Nguyen Xuan Tu, director of MPI’s Department
of Investment Supervision and Appraisal, declined to tell VIR whether this
project had been cancelled because it included a casino, adding the MPI
proposal “confidential”.
Late last year Polo Beach International
Limited put forward its proposal for a $4.5 billion Mui Dinh tourism complex in
Thuan Nam district. The developer has earlier suggested neighbouring Binh Thuan
province but was forced to look elsewhere after that province decided to stop
licensing new tourism projects in favour of exploiting titanium.
The Hong Kong developer then went to Ninh
Thuan saying it wanted to develop a 1,500 hectare mega project comprising
resorts, casino facilities, high-rise villas, and a golf course.
The investment was to be implemented through a
subsidiary with $900 million of charter capital equal to the 20 per cent of
total investment capital requested by legal regulations.
Polo Beach International Limited also
submitted an agreement with Johnson Capital, an American real estate capital
advisory firm, on developing this project. But none of that was enough to
persuade the government to green-light the project. The Vietnamese government
has approved several tourism projects containing gambling facilities in recent
years.
Canada’s Asian Development Coast Limited won
an investment certificate to build a $4.1 billion resort with casino in Ba
Ria-Vung Tau province. Nearby, US’s Winvest Investment LLC also was awarded an
investment certificates for developing a $4 billion resort and casino.
Ngoc Linh | vir.com.vn
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