Vietnam Considers $2.2B Casino Resort as Southeast Asian Gaming Grows

Vietnam has become the latest Southeast Asian country to consider gambling, despite its historic aversion. With Thailand poised to become a major local powerhouse, Vietnamese lawmakers also decided to mull over casino opportunities.

Vietnam Eyes Huge Casino Resort

The proposal, which was submitted by the Ministry of Finance to the Prime Minister, seeks approval for the creation of a casino resort. The planned property, dubbed the Van Don casino project, would be located in the Van Don district within the Quang Ninh province where it could become a major driver of tourism and economic growth.

Per the proposal, the resort would cover roughly 244 hectares and will cost roughly $2.2 billion. If approved, the casino would have to be constructed within nine years from the date of the approval. Once complete, it will have a maximum operational period of 70 years.

Locals Would Be Allowed to Play

The on-site casino is planned to remain open to tourists and locals alike. To that end, the Ministry of Finance suggested a pilot scheme that would allow locals to play in accordance with local regulations. This could help cement the planned property as a successful resort and entertainment complex as it would not be entirely dependent on foreign money.

This proposal mirrors the advice MGM Resorts recently gave to the Thai government, encouraging lawmakers to adopt a competitive casino tax rate and allow locals to play.

The Ministry of Finance in Vietnam, meanwhile, also recommended authorizing the People’s Committee in the Quang Ninh province to choose a suitable casino resort investor in accordance with local laws and needs. Per the proposal, the investor would have to contribute roughly $296 million of the total sum for the development. The rest will be financed through loans.

The Casino Would Contribute to the Province’s Economic Growth

While the proposed entertainment resort will be costly, the Ministry of Finance and the Quang Ninh authorities are certain that it will pay off in the long term. According to proponents of the property, it will greatly contribute to the Van Don special administrative zone.

Additionally, projections imply that the casino resort would contribute approximately $10 billion to the budget over its 70 years of operation.

Authorities Busted an Illegal Gambling Ring

Earlier this year, Vietnamese authorities cracked down on a huge gambling ring, arresting several people in the process. The illegal crypto gambling operation was reportedly operated by four siblings. In addition to the masterminds behind the scheme, the authorities also arrested 30 other people.