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Second Vietnamese casino resort on the horizon

Later this month, Vietnam will see plans for a second casino resort put into motion, with building work commencing after lengthy delays. The UNESCO heritage city of Hoi An in Quang Nam province will provide the site for the Nam Hoi An Casino Resort project, which will involve a $4 billion of investment. Vietnamese officials announced on Tuesday that April 23rd would see the project enter its first phase, in which building work will get underway. When completed, the casino will be in direct competition with the only other integrated casino resort in Vietnam –  Ho Tram Resort Casino

PhoCoHoiAn

A photo of Hoi An ancient town

Joint venture between VinaCapital, SunCity Group, and Chow Tai Fook Enterprises

Investment banking firm VinaCapital are joining forces with Hong Kong retailer Chow Tai Fook and Macau junket operator SunCity group in a combined venture, in which Chow Tai Fook hold a controlling stake, having acquired a majority holding last September. VinaCapital have also strengthened their role as a key player however, with an announcement on Tuesday stating that they are increasing their stake from 22.5% to 32%. The initial investment required will be significant, reportedly in the region of $500 million for the first phase alone. The Nam Hoi An Casino Resort will eventually cover 160 hectares once it's completed – hopefully at the anticipated time which is within Q1 of 2019. The resort will be a rival to Ho Tram Resort Casino for tourist dollars, with both resorts offering high end gambling at a great location.

Work finally begins after multiple delays

The initial licence for this resort was in fact granted back in 2010, which gives an idea of the delays that have taken place so far. For the most part, these delays were instigated by the dissolving of VinaCapital's partnership with Genting Malaysia in 2012. The latter of the two decided to withdraw from the project once the government made it clear that they would require a minimum of $4 billion investment. With the casino resort not being open to local residents, Genting Malaysia felt the investment represented a gamble which would simply be too big. With three partners now on board, and the capital partially invested, Vietnam is now set to welcome its second premier tourist gambling destination.



Louis Hartwell

Louis Hartwell

Graduated in Media Communication at the University of Lausanne, Louis Hartman is a co-founder of somuchpoker.com. He began his career in Cambodia as freelance journalist. In same time he was making his living by playing poker every night at that time. Intense learner, he read dozens of poker strategy books to improve his skills during many years. With a strong interest about poker "behind the scene" in Asia and his communication skills, Louis launched Somuchpoker in 2014.

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Somuchpoker.com is a news site dedicated primarily on the poker community living in the Asia Pacific region. Founded by poker players based in South East Asia in 2014, Somuchpoker’s main goal is to provide the latest poker news and information from around the world, with greater focus on the happenings in the Asian Market. It covers news from Down-Under to the tropical paradise of South East Asia, to the Land of the Rising Sun and even gets the hottest news from the most secret corners of Mainland China. Somuchpoker is currently the 1st Source of poker information in Asia. Check more

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