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Vietnam approves a $2 billion casino resort in Van Don
Vietnam has approved a $2 billion integrated casino resort project in Van Don, as the country indicates a more commercially-focused approach to gaming.
The project is expected to generate $326 million in annual revenue and add over $9.6 billion to the state budget across its licensed 70-year lifespan. The territory will cover about 244 hectares, and is said to create approximately 6,000 jobs. The resort will be developed over 9 years, with authorities selecting an investor through a bidding process.
182 hectares of the area are fixed for the main resort functions, such as the casino, hotels, villas, and entertainment attractions. The remaining 62 hectares will remain as protected or production forest.
The government hasn’t confirmed yet whether citizens of Vietnam will be allowed to gamble at the site. Local entry is currently governed by a pilot scheme in 2017 (later extended until the end of 2024), which allows limited domestic participation under strict conditions. At present, no casino in Vietnam is permitted to allow locals to gamble.
Analysts consider the project a landmark in Vietnam’s developing gaming landscape. Tim Nguyen, Managing Director of Fortuna Investments, thinks that the project’s revival, particularly with the likely extension of the locals’ entry pilot, marks a shift toward a more commercially viable gaming industry.
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