Vietnam Proposes $2.2 Billion Casino Resort Development
This initiative is the result of collaboration between the ministry and the People's Committee of Quang Ninh Province, where the Van Don economic zone is located. The project was first mentioned by regional authorities in late 2018 and is part of a broader strategy to develop coastal casino resorts.
According to Vietnam's Ministry of Finance, only projects with an investment capital of $2 billion (177.2 billion rubles) or more are eligible for a gaming license. The proposed complex is expected to be one of only two casinos in the country permitted to serve local residents. The bidding process for the government-backed project is anticipated to begin by the end of this year.
The Ministry of Planning and Investment is optimistic about the potential impact of the project. If approved, the resort is projected to generate an average annual profit of $336 million (29.8 billion rubles) after taxes, with a break-even point expected to be reached after 32.8 years of operation.
Over a span of 70 years, the casino resort could contribute $9.4 million (833 million rubles) to the national budget and create approximately 6,000 jobs.
For the project to move forward, it requires the approval of Vietnam's Prime Minister Pham Minh Chinh. If granted, construction could commence as early as next year.
In related news, Sweden's gambling regulator is set to undergo an efficiency review.
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