Vietnam could soon see be home to a new US$2 billion integrated resort development on Hon Tre Island in Khanh Hoa Province, located on the south central coast.
According to local media reports, leisure and hospitality firm Vinpearl Co, a subsidiary of the Vingroup Joint Stock Company conglomerate, has proposed development of the new resort which would include a casino, 1,200 room 5-star hotel, convention center and a transportation system. It also proposes preparation of an area for development of more 5-star and 6-star hotels.
Development cost is proposed to come to VND50 trillion, or around US$2.2 billion. Under Vietnam’s current gaming regulations, investors are required to commit a minimum of US$2 billion into any new resort development to be granted a casino license.
There are currently eight legal casinos operational in Vietnam, including Suncity Group’s Hoiana, outside of Hoi An, which held a soft opening in June 2020.
According to VNExpress, Vinpearl’s proposal is for a series of ongoing projects on Hon Tre island, including various hotel and villa projects and golf course developments, to be expanded in scale and investment level to allow for the addition of a casino.
Phase 1 of the development would comprise investment of VND25.7 trillion (US$1.1 billion) and include the new casino – to be operational by 2024 – with 200 gaming tables and 2,000 electronic game machines.
Phase 2, to be completed by the end of 2025, would add the 1,200 room hotel, convention center, transportation and technical infrastructure and a broader entertainment complex in which the casino would be located.
If approved, the casino would be the second in Khanh Hoa Province, with KN Paradise Cam Ranh – a project approved in August 2019 – scheduled to open in 2023.