Several foreign investors remain keen on investing billions of USD in Vietnamese casino projects, even amid economic difficulties.
The first phase of Ho Tram Strip tourism project in Ba Ria-Vung Tau Province which has an expected a total investment capital of USD billion is almost completed.
Investors pledge to pour billions of USD into Ho Tram Strip tourism project
The project's investor Canada’s Asian Coast Development Ltd., said the first phase will include 504 rooms, exhibition centres, shopping areas and a casino. It is scheduled to be opened early next year. The site is situated on beach and surrounded by forests.
In October, Asian Coast Development Ltd. broke ground on the second phase of the project, earlier than planned. Golf courses are also underway and will are should be functional next year.
During a recent trip to the MGM Grand, Ho Tram Beach, part of the Ho Tram Strip project, Harbinger Capital Founder and Principal Mr. Philip Falcone said, "Harbinger has been an investor in this project since its inception and our commitment to the project remains firm."
Speaking with reporters in late October, Lloyd Nathan, General Director of Asian Coast Development Ltd., said Vietnam has great potential for casino projects, explaining that the demand for gaming in Asia is quite big, while the number of casinos is modest. He predicted that the greatest growth in this market in the near future would be seen in China, Japan, South Korea, Thailand and Indonesia.
He added that for integrated resorts, such as Ho Tram, the main revenues still come from 'casino services'.
Last year, CEO of Las Vegas Sands, Billionaire Sheldon Adelson showed his interest to invest in an integrated resort in Vietnam worth around USD6-8 billion, which has scale equal to Singapore’s Marina Bay Sands.
A representative from Las Vegas Sands said their firm has been paying attention to investment in Vietnam; however, they have to take careful considerations because the country still lacks regulations on investment in integrated resort projects.
Moreover, the newly-issued draft decree on casino business tightens control over the industry. According to the draft decree, casino areas must be separated from areas for other business activities, the casino area must be only 3% of the project’s total area and Vietnamese people would not allowed to play in the casinos.
