Friday, September 30, 2022

Vietnam green lights Laguna Lang Co casino


Prime Minister Nguyen Xuan Phuc has agreed in principal to allow a casino to be added to the Laguna Lang Co. resort in central Vietnam, with a likely 2021 opening date, local media reports.

At a working session with the central province of Thua Thien-Hue authorities on January 2, 2018, the government leader permitted the resort to increase its total investment capital from $875 million to $2 billion, the Vietnam Investment Review reported.

Under Vietnam’s new casino legislation, investors seeking to include a casino must commit to a minimum of $2 billion in investment.

The newspaper cited a Banyan Tree spokesman as saying the license agreement would pave the way to begin work on a detailed project with an international investor.

Last July, Hard Rock International confirmed it was an interested party.

According to the media report, the casino is expected to come into operation by 2021 with 500 electronic gaming machines and 50 card shufflers. The figures are expected to increase to 2,000 machines and 200 card shufflers by 2029. Besides, the investor will add six five-star hotels and more than 2,200 villas and apartments.

Singapore-based Banyan Tree Holdings opened the first phase of the resort in March 2013 on one of the most picturesque bays in the country. So far it has spent $250 million on the project.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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