US-based Cedar Point International LLC’s project for a $450 million resort in the central province of Ninh Thuan has been cancelled due to its long delay.

A corner of Mui Dinh in Thuan Nam District's Phuoc Dinh Commune in the southern province of Ninh Thuan. The provincial People's Committee on March 23 withdrew the investment certificate granted for the construction of the Mui Dinh tourism complex project. - Photo vneconomy.vn

The Ninh Thuan Provincial People’s Committee last week announced that it had officially cancelled the investment certificate granted to Cedar Point three years ago for the 30-hectare resort project in the Mui Dinh area.

The authorities explained that the investor had failed to make a $1 million deposit for the project’s development as outlined in the licence.

Cedar Point International was founded in 2006 by a team of financial and operating executives to invest and operate in the world’s most promising emerging markets, including Vietnam. In 2011, the company proposed to develop the resort.

“We asked Cedar Point International LLC to deposit $1 million before receiving the investment certificate, but they wanted to have a copy of the certificate first to make the money transfer. We satisfied their need, but they haven’t done anything since,” said Nguyen Anh Tuan, head of Investment Division at Economic Development Office of Ninh Thuan, which is responsible for managing investment activities in the province.

Tuan added that the provincial committee had to reject Cedar Point and instead would concentrate on finding a new investor for the project.

“Mui Dinh is an ideal place for developing a resort,” he said.

Five years ago, Hong Kong’s Polo Beach International Limited proposed to develop a $4 billion casino integrated resort in the area. According to the proposal, its project would cover 1,500 hectares of land, comprising resorts, casino facilities, villas, a golf course and other facilities. However, it was rejected by the government.

Located in central coastal region and close to Khanh Hoa’s well-known Nha Trang Bay, Ninh Thuan province has recently started to attract foreign tourism-focused developers.

Another American developer, the Livingston Group, visited Ninh Thuan to survey Vinh Hy Bay and Mount Chua to build a high-class resort complex on 466 hectares, as well as the Doc Ham Ca Na area to build a Disneyland theme park on 1,500ha.

More recently, Syrena Vietnam, a subsidiary of the private multi-sector BIM Group, announced plans to invest around $80 million to develop a project in Ninh Thuan comprising a five-star resort, 60 pool villas, 40 guest pavilions, restaurants, sport and entertainment facilities.

VIR