VietNamNet Bridge - The race for licenses for casino projects, which stopped short because of arguments about whether to allow Vietnamese to enter casinos, has kicked off again as the government has turned a green light on a new entertainment complex.

 

The government has allowed the relocation of a tourism, service and entertainment complex with a casino from Da Chong in Bai Thom Commune to Bai Dai Eco-tourism area in Ganh Dau Commune, close to Vinpearl Phu Quoc Resort developed by Vingroup, a major real estate developer. 

The information, which has stirred up the public, has heated up the race for casinos again.

The Prime Minister made the decision after approving the adjusted programming on Phu Quoc Island development by 2030. 

Prior to that, Vietnamese agencies agreed that it would be better to relocate the entertainment complex project, because it would be easier to attract investments to the project next to Vinpearl Phu Quoc.

The Prime Minister’s nod, in analysts’ eyes, shows that the future of the Phu Quoc casino project is “very bright”.

The Phu Quoc casino project was approved in principle by the Communist Party’s Politburo a long time ago. However, it only got official approval from the Prime Minister in January 2015 with the investor specified.

The details of the project and the name of investor have not been made public. However, Dau Tu quoted its sources as saying that the investor is a big real estate group in Vietnam.

If this is the true, the ‘big real estate group”, together with Sun Group, also a big company in the field, will become the major players in casino development. One would run a casino in the south – Phu Quoc Island – and the other in the north – Van Don Economic Zone (EZ) in Quang Ninh province.

An official license has not been granted to Sun Group, but sources said the group, with its strong determination, is more likely to become the investor of the casino project in Van Don. The group is also reported gearing up in its preparation for the building of Van Don Airport. 

If this occurs, casino projects would finally be offered to Vietnamese investors, though everyone believes that only foreign investors are financially capable and experienced enough to develop casinos.

Foreign investors have expressed their wish to develop casinos in Vietnam and visited the country to learn about opportunities. However, they have not come back and taken any further step to apply for projects. 

Meanwhile, though having got a license, Chow Tai Fook from Hong Kong and SunCity from Macau, which have replaced Malaysian Genting Berhad, still have not kicked off the project. 

NCDT