Asian
hospitality giant Genting Group wants to lay money down for its second
integrated gaming and resort complex in Vietnam – this time in northern Quang
Ninh province, home to the world heritage Halong Bay.
A source at Quang Ninh Economic Zone
Management Authority told VIR the Malaysian group had signed a memorandum of
understanding with Quang Ninh province for studying the feasibility of
developing a large integrated gaming and resort complex in the local Van Don
Economic Zone.
“Genting expressed its interest in developing
a project here and it started studying its feasibility,” said the source,
adding that this project would comprise resorts, a convention centre,
entertainment facilities and a casino. “Under government requirements, total
investment capital for this project should not be less than $4 billion,” he
added.
Quang Ninh Provincial People’s Committee has
set aside 1,800 hectares in Van Don Economic Zone for the development of this
integrated gambling and resort complex. But, every casino project in Vietnam
must be approved by both the government and the Politburo.
Last October, Prime Minister Nguyen Tan Dung
turned down a $4.5 billion casino integrated resort proposal in central Ninh
Thuan province by Hong Kong-based Polo Beach International Limited, after one
year’s deliberation.
Last month, Dung directed the Ministry of
Planning and Investment, in association with other ministries, to make a
specific report on Genting’s project to send to the government by the end this
month. Final approval will be given by the Politburo.
Genting is principally involved in the leisure
and hospitality business including theme parks, gaming, hotels, seaside resorts
and entertainment. The group now owns and operates casino businesses such as
the famous Resorts World Genting in Malaysia, Resorts World Casino New York
City in the United States and Genting UK in the United Kingdom.
If Genting gets the go-ahead for this project,
it will become the company’s second casino project in Vietnam.
In 2009, the Malaysian company, through a
joint venture with VinaCapital, obtained an investment certificate for the
building of a $4 billion integrated gaming and resort complex in central Quang
Nam province. This 1,555ha project comprises five-star hotels, resorts and
villas, along with a gambling facility for foreigners and a maximum of 2,500
houses for sales or rent.
The Vietnamese government has in recent years
approved several gaming-focused tourism projects. Canada’s Asian Development
Coast Limited gained an investment certificate to build a $4.1 billion
casino-based vacation resort in southern Ba Ria Vung Tau province. Nearby, US’s
Winvest Investment LLC was also handed an investment certificate for
development of a $4 billion integrated resort.
In central Phu Yen province, New City
Properties Development Company is constructing a $4.3 billion project while
Silver Shores Hoang Dat Exceptional International Entertainment Joint Venture
Company is also developing a $160 million integrated gambling resort in central
Danang city.
Ninh Kieu | vir.com.vn |
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