The Ministry of Planning and Investment of Vietnam has approached the country’s Prime Minister, Nguyen Xuan Phuc, for granting sanction for a casino at the Laguna L?ng Cô beach resort.
As per the Vietnamese newswire VnExpress, an unidentified investor is looking forward to open casino by the year 2021 at the resort, subject to it meeting necessary conditions. The newswire quoted that the facility will feature “500 electronic gaming machines and 50 card shufflers.”
According to the investor’s plan, the capacity of the gaming facility, situated in Vietnam’s Thua Thien Hue province, would go up to 2,000 machines and 200 card shufflers by 2029. Besides, there will be an addition of 6 five-star hotels and more than 2,200 villas and apartments.
The ministry suggested the Prime Minister to increase the capital budget for Laguna L?ng Cô from US$175 million to US$300 million, and the project’s total investment capital from US$874 million to US$2 billion.
As per a government decree issued in January 2017, the capital expenditure should be a minimum of US$2 billion to be considered qualified taking part in a three-year pilot of casino resort wherein economically-qualified native gamblers would be allowed as patrons.
Reportedly, the ministry had asked the Vietnamese PM to shorten the development deadline on the plan from the year 2030 to 2026. The report estimated that the Laguna L?ng Cô would make a contribution of US$245 million annually to the budget of Thua Thien Hue province.
Earlier, a casino operator and hospitality business Hard Rock International Inc, based out of the U.S., has expressed interest in developing a casino at the beach resort. The vice-president of Hard Rock Daniel Cheng has told the media that the company has “finished all the site studies and completed all project financing”.
The Laguna project has opened in April 2013. Phase I of the project comprised a 57-villa Banyan Tree resort, an 18-hole golf course and 229-room Angsana resort.
Banyan Tree is an undertaking of a Singapore-listed hotel and resort developer Banyan Tree Holdings Ltd. Banyan Tree Capital. The group’s investment vertical looked into the RFC process for Laguna L?ng Cô’s pursuit of an integrated resort which has non-gaming leisure facilities besides a casino.