A $2.2 Billion Casino Resort Proposed For Northern Vietnam to Allow Local Gambler Admissions

The Vietnamese Ministry of Planning and Investment has served a report to the Prime Minister for another integrated resort that will allow gambling activities to local population. The Ministry has reportedly presented a $2.18 billion integrated resort project to be developed in the Van Don Economic Zone in northern Vietnam. The new casino resort will follow the Corona Resort and Casino from a southern country’s island to allow Vietnam nationals involve in gambling activities that are generally prohibited for the natives across Vietnam.

Due to Complete by Q3 2032:

As Asia Gaming Brief reports, Van Don Casino requires an initial investment of around VND51.55 trillion ($2.18 billion). It will be located in Van Yen village in Van Don District, which is a vast Strategic Administrative Economic Zone (SAEZ) in northern Vietnam. More than 600 acres of land have been allocated for the development that is reportedly due to complete by the third quarter of 2032. The nine-year construction will see the integrated resort’s launch set for a 70-year operation, according to the source.

The same source reports that The People’s Committee of Quang Ninh has submitted a proposal for construction of the complex that will represent a premium tourist destination, with luxurious hotels, casinos, and leisure and entertainment facilities. After the 2032 launch, the integrated resort is expected to generate an average profit after taxation of VND8.16 trillion ($336.2 million) on annual basis, according to Asia Gaming Brief.

Governmental Gambling Policy:

As mentioned above, the Van Don Casino will be the second casino in the country allowing native Vietnamese to be served in the property. The policy introduced in 2016 has been strictly followed ever since but the project has reportedly been discussed already in 2018 by the provincial and state authorities.

The policy also included a trial period for the inclusion of the Vietnamese nationals into casinos and wagering actions. In the beginning of 2021, the policy allowed local adults who could prove that they earn at least $430 a month to wager alongside foreign tourists at the Corona Resort and Casino on the southern island of Phu Quoc. At the time, the source explained that the trial period obliged local gamblers to have a clean criminal and social security record to be allowed to get a $1,000 monthly gambling permit.

More:  Chicago City Council set to vote on sportsbetting legalization measure

Awaiting Approval

According to GGRAs kagame ia, there are several coastal casino projects currently awaiting approvals for casino operations. The Vietnam’s Ministry of Finance reportedly set the $2 billion investment capital requirement for the operators to be eligible to apply for the operator license. Van Don Casino has met the requirement and awaits the Prime Minister’s move to commence the construction.