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.




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