ol165925   Album Posted Feb.4th, 2024, viewed 72 times

$2.2 billion casino resort in northern Vietnam offers admission to local gamblers

Vietnam's Ministry of Planning and Investment has delivered a report to the prime minister on another integrated resort that will allow gambling activities for local residents. Vietnam's Ministry of Planning and Investment has reportedly proposed a $2.18 billion integrated resort project to be developed in the northern Vietnamese Bandon Economic Zone. The new casino resort follows COVID resorts and casinos on islands in the southern country to allow Vietnamese nationals to participate in gambling activities that are generally prohibited for indigenous people across Vietnam.

Q32032 due date:

As Asia Gaming Brief reports, Van Don Casino requires an initial investment of approximately VND 51.55 trillion. It will be located in the town of Van Yen in Van Don District, a vast strategic administrative economic zone (SAEZ) in northern Vietnam. According to reports, more than 600 acres of land have been allocated for the development, which is scheduled to be completed by the third quarter of 2032. According to the source, the nine-year construction will see the launch of the integrated resort run for 70 years.

The same source reports that the Quang Ninh People's Committee has submitted a proposal to build a complex that will represent premium tourist attractions with luxury hotels, casinos, and leisure and entertainment facilities. According to Asia Gaming Brief, after its launch in 2032, the integrated resort is expected to generate average revenue after taxing 8.16 trillion VND ($336.2 million) on an annual basis.

Government Gambling Policy:

As mentioned above, Bhandon Casino will be the second casino in the country to offer Vietnamese indigenous people in the property. The policy introduced in 2016 has been strictly followed since then, but the project was already reportedly discussed by state and state authorities in 2018.

The policy also included a trial period for including Vietnamese nationals in casinos and gambling. In early 2021, the policy allowed local adults who could prove to earn at least $430 a month to gamble with foreign tourists at Covid resorts and casinos on the southern island of Phu Quoc. Sources at the time explained that the trial period required local gamblers to have a clean criminal and social security record to obtain a $1,000 per month gambling permit.

Waiting for approval

According to GGRAsia, there are several coastal casino projects currently awaiting approval for casino operations. Vietnam's Ministry of Finance has reportedly set a $2 billion investment capital requirement for those operators to qualify for an operator's permit application. Van Don Casino is waiting for the prime minister's move to meet those requirements and start construction.

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