Vietnam Government Advances Casino Expansion Project
LISTEN TO THIS ARTICLE:In a significant move to boost its tourism and entertainment industry, Vietnam is advancing its plans to expand the land-based casino market to locals. The Ministry of Planning and Investment has recently submitted a comprehensive report to the Prime Minister proposing a $2.18-billion tourist complex featuring a casino in the country's northern Quang Ninh Province.
Thousands of New Jobs, Millions in Revenue
The proposed project, set to be built on 605 acres in the Van Don district, follows the initial approval of a casino in the region in 2018. If greenlit, construction is expected to commence next year, with the grand opening projected for 2032. The casino, an integral part of the complex, would operate under a 70-year license, making it a landmark development for the region and the country.
Related: Vietnam to Boost Casino Oversight Following IrregularitiesThis venture signals a notable shift in Vietnam's approach to gambling regulations. Currently, the country only has one casino open to locals, the result of a regulation introduced in 2016. The new proposal in Quang Ninh Province would mark the second instance of allowing local residents to indulge in casino gaming, presenting a unique opportunity for the government to tap into the growing interest in the entertainment and gaming sectors.
The $2.18-billion complex is designed to be a multifaceted destination, with various hotels and resorts complementing the casino. The development is strategically located in the Van Don district, an area known for its natural beauty and tourist attractions. The inclusion of the casino aims to position the region as a premium destination for both domestic and international visitors, contributing significantly to the local economy.
According to the submitted report, the entire complex is anticipated to generate a post-tax annual profit of approximately $336.19 million. Additionally, the project is expected to create around 6,000 new jobs, providing a substantial boost to employment in the region. This not only underscores the economic impact of the development but also highlights the potential for social development and community well-being.
Waiting for Final Approval
While the proposal is still pending approval from the Prime Minister, the government's willingness to explore and expand the casino market reflects a progressive approach to economic development. The successful realization of the project could establish Quang Ninh Province as a major player in Vietnam's growing tourism and entertainment landscape, attracting visitors and investors alike.
Vietnam's land-based gambling laws have undergone notable transformations in recent years. The country initially restricted casino access to foreign visitors, but a significant shift occurred in 2016 when a new regulation allowed locals to gamble in selected casinos. This marked a departure from the previous policy and opened the door for domestic participation in the gaming industry.
The government's willingness to explore and adapt its approach to gambling regulations showcases a dynamic response to the evolving landscape of the entertainment and tourism sectors in the country. It also hints at a wider regional shift in Southeast Asia toward a more gambling-friendly environment.
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