Northern Vietnam plans $2.18 bln casino, tourism complex
The Ministry of Planning and Investment has asked Prime Minister Pham Minh Chinh to grant in-principle approval to a $2.18 billion high-end tourism project with a casino in Van Don Economic Zone, Quang Ninh province.
According to the provincial People's Committee's proposal, the project will have a high-end entertainment, resort and tourism complex, with casino, real estate, hotel and resort villa segments. It is expected to cover 245 hectares in Van Yen commune, Van Don district.
A corner of Van Dong island district, Quang Ninh province, northern Vietnam. Photo courtesy of Tuoi tre (Youth) newspaper.
Once operational in the third quarter of 2032, it will be the second project in Vietnam allowed by the Politburo - the Party’s premier decision-making body - to include a casino for Vietnamese citizens on a pilot basis.
In its latest proposal submitted in July 2023, Quang Ninh authorities said they would select an investor for the project by the end of this year if the government gives the nod.
Once the project comes into operation, it is expected to generate an average annual after-tax profit of nearly VND8.16 trillion ($336.53 million), with a capital recovery period of 32.8 years.
This province estimated that during its 70 years of operation, the project will contribute more than VND228 trillion ($9.6 billion) to the local budget and employ 6,000 workers at casinos and hotels.
At present, Corona Resort and Casino in Phuc Quoc island is the only casino in Vietnam to allow Vietnamese players on a pilot basis. Located in a prime location on the “Pearl Island”, the complex houses nearly 2,000 five-star hotel rooms, world-class restaurants, an 18-hole golf course, the VinWonders park, and the country’s most modern casino.
It served 240,560 customers between 2019 and 2021, 65% of them Vietnamese, according to a Finance Ministry report. The facility, invested in by Phu Quoc Tourism Development and Investment JSC, incurred a loss of VND2.76 trillion ($121 million) from its debut in early 2019 to September 2021.
The government had licensed eight casino projects before Decree 03/2017 on casino businesses came into force in 2017.
These were the Do Son Resort & Casino in Hai Phong; Lilai International Hotel, Royal Casino and Hong Van Casino Hotel in Quang Ninh province; Aristo International Hotel in Lao Cai province; Crowne International Casino at the Silver Shores International Resort in Da Nang city; The Grand Ho Tram Resort & Casino in Ba Ria-Vung Tau province; and the Nam Hoi An Casino Resort in Quang Nam province.
Corona Resort and Casino in Phuc Quoc is the only casino project to be licensed since Decree 03/2017 came into effect.
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