Ministry submits $2.2B casino resort plan to PM

By Anh Tu   November 23, 2023 | 11:42 pm PT
Ministry submits $2.2B casino resort plan to PM
An illustration of the development of Van Don Economic Zone in Van Don Island District, Quang Ninh Province, northern Vietnam.
The Ministry of Planning and Investment has submitted a report to the Prime Minister for a US$2.18 billion tourist complex, featuring a casino, in northern Quang Ninh Province.

The People's Committee of Quang Ninh has proposed to build the complex, a premium tourist destination with hotels and resorts, on a 245-hectare site in Van Yen village, Van Don district.

The project, with an initial capital of VND51.55 trillion ($2.18 billion), is anticipated to complete by the third quarter of 2032, spanning less than nine years of construction. Once approved, it will operate for a duration of 70 years.

This casino will be one of only two in Vietnam permitted to serve Vietnamese nationals, a policy enacted in 2016. The Van Don project was first introduced in a government conference in late 2018 by the Quang Ninh authority.

The Quang Ninh People’s Committee announced plans in July to commence the bidding process by the end of 2023, contingent on government approval.

Upon operational, the complex is expected to generate an average annual after-tax profit of VND8.16 trillion, with a break-even point at 32.8 years.

Over its 70-year lifespan, the project is projected to contribute VND228,000 billion to the state budget and create approximately 6,000 jobs.

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