Gaming investors are circling the Vietnamese entertainment market after Vietnamese nationals were permitted to gamble in local Casinos.
In August last year, the Communist Party’s Politburo decided that local patrons meeting certain criteria were allowed to gamble in a casino to be built in the Van Don Economic Zone in Quang Ninh Province bordering China.
Naturally this decision opens up a whole new client base for the industry, and has thus attracted big bucks from home and abroad. Alongside Vietnamese tycoon Dao Hong Tuyen, America’s ISC Corporation is investing in the US$7.5bn project that includes a casino, marinas, a convention centre, and golf and tennis clubs.
Since the outright ban was lifted, the Ministry of Planning and Investment has received a surge in applications for casino licenses. A total of 10 separate provinces have made inquiries as local authorities look to cash-in on this opportunity.
Asia is already the growth engine for the international gaming business attracting major coronations from the US.
With a population of 90m people, many of whom already travel abroad for a flutter, there is renewed interest for integrated resorts among investors who had backed out of earlier deals due to obstructive regulatory frameworks. However the proposition has changed dramatically, and billions of dollars now hang on decision from the Minister of Planning and Investment, Bui Quang Vinh.
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