Singapore investor strikes it lucky to develop casino near Vietnam’s former capital

By Staff reporters   January 6, 2018 | 12:32 am PT
Singapore investor strikes it lucky to develop casino near Vietnam’s former capital
Tourists fly kites in Lang Co in Thua Thien-Hue Province. Photo by VnExpress
Laguna Langco in Thua Thien-Hue Province expects to work with its U.S. partner to start dealing in 2021.

Vietnamese Prime Minister Nguyen Xuan Phuc has finally approved for a major resort in the central tourist town of Hue to build a casino.

Phuc said at a meeting with provincial authorities in Thua Thien-Hue on Tuesday that he “agreed in principle” with the proposal to add a casino business to Laguna Lang Co, the Vietnam Investment Review reported.

He allowed the resort to increase its investment from $875 million to $2 billion, the capital required for casino developers in Vietnam.

The 280-hectare resort is run by Singapore’s Banyan Tree Holdings, a leader in hotels, resorts, and luxury apartments in the Asia-Pacific region. It was opened in March 2013 near Lang Co, one of the world’s most beautiful bays.

A source from Banyan Tree said that once it receives an official license, the company will work with its U.S. partner to build a detailed plan, according to the report.

The company earlier said it planned to launch the casino in 2021 with room for 1,340 players at a time. It expects the business to make annual contribution of $245 million to the province’s budget.

Thua Thien-Hue is best known for the imperial citadel which was home to Vietnam’s last ruling family between 1802 and 1945. 

Vietnam’s decision to allow locals to roll the dice in casinos for the first time is one of the reasons for the surge in gaming investment. Before the law was changed only foreigners were allowed in casinos.

The Vietnamese government said in a resolution that from December 2017, citizens aged over 21 with a monthly income of at least VND10 million ($445) will be allowed to gamble in local casinos. Their entrance is limited to a number of casinos, which include two under construction at Van Don Special Economic Zone in the northern province of Quang Ninh and another in the southern resort island Phu Quoc.

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