{"id":1023,"date":"2021-03-11T14:30:22","date_gmt":"2021-03-11T14:30:22","guid":{"rendered":"http:\/\/gamblingtimes.com\/in\/?post_type=news&p=1023"},"modified":"2021-03-11T14:30:41","modified_gmt":"2021-03-11T14:30:41","slug":"vinpearl-gets-green-light-for-2-billion-casino","status":"publish","type":"news","link":"https:\/\/www.gamblingtimes.com\/in\/news\/vinpearl-gets-green-light-for-2-billion-casino\/","title":{"rendered":"A Pearl on the Beach: Vietnam\u2019s Vinpearl gets Local Authority Green Light for $2 Billion Casino in Kh\u00e1nh H\u00f2a"},"content":{"rendered":"\n\n\n

The plan will still need to pass through Vietnam\u2019s Prime Minister Nguy\u1ec5n Xu\u00e2n Ph\u00fa before any construction can begin.<\/p>\n\n\n\n

Investors in any Vietnamese casino project are required to front up at least $2 billion<\/a> as a minimum condition for a license.<\/p>\n\n\n\n

But if anyone has the financial clout to back this casino project until it wins, it\u2019s Vingroup<\/a>. The multinational conglomerate, running this casino bid through its entertainment subsidiary Vinpearl, is one of the biggest companies in East Asia.<\/p>\n\n\n\n

It runs a whole range of businesses across the region, including real estate, retail, hospitality, and healthcare. The company\u2019s yearly revenue is over $3.8 billion.<\/p>\n\n\n\n

Recent History<\/h2>\n\n\n\n

Vietnam only legalized its first casino in 2019. There are currently eight legal casino sites in Vietnam. They generated just over $1 billion in revenue in 2020 \u2013 a lower-than-expected figure, mostly due to lost tourism because of the COVID-19 pandemic.<\/p>\n\n\n\n

Vietnam itself has controlled the virus fairly well and may start to welcome tourists back as soon as July<\/a>.<\/p>\n\n\n\n

An extra tourist attraction such as a giant casino resort may seem like a good deal for local lawmakers right now.<\/p>\n\n\n\n

Local customers don\u2019t spend as much as tourists and are currently all on a three-year trial government scheme.<\/p>\n\n\n\n

Currently, there is a minimum salary amount required for any Vietnamese citizen that wants to gamble \u2013 and if your family wants you barred from a casino, it\u2019s their legal right.<\/p>\n\n\n\n

Casino licenses aren\u2019t at risk. However, the local populace could suddenly be barred from gambling at any time.<\/p>\n\n\n\n

Without tourism back in the picture soon, this could be bad news for investors.<\/p>\n\n\n\n

Phases of Development<\/h2>\n\n\n\n

Vinpearl seems confident the market will resume. With $2 billion on the line, you\u2019d hope they are fairly certain of the prospects of their investment in Khanh Hoa.<\/p>\n\n\n\n

The plan for the Hon Tre Island resort in the province will be delivered in two phases.<\/p>\n\n\n\n

The first phase will start in 2023 and hopefully complete in 2024. It will see seven existing businesses on the island \u2013 such as golf courses, hotels, and an eco-tourism center \u2013 merged into one giant resort. A brand new Vinpearl Casino will be the centerpiece for the resort.<\/p>\n\n\n\n

Local media report that<\/a> it will initially have space for 200 gaming tables and 2,000 electronic gaming machines.<\/p>\n\n\n\n

Phase two of the plan is set to start in 2024 and conclude in 2025. It will see the construction of a huge 1,200-room 5-star hotel and casino \u2013 along with a convention center.<\/p>\n\n\n\n

Due to the island's unique location, most visitors and workers at the site will be transported to and from the island by either boat or a custom-built cable car system.<\/p>\n\n\n\n

For the latest updates on the casino market in Vietnam and everywhere else of interest around the world, keep checking GamblingTimes India<\/a>!<\/p>\n","protected":false},"author":1,"featured_media":1026,"template":"","class_list":["post-1023","news","type-news","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"\nVinpearl gets Local Authority Green Light for $2 Billion Casino<\/title>\n<meta name=\"description\" content=\"Vietnamese conglomerate Vingroup put in its bid for a $2 billion casino and resort site on the island of Hon Tree. | Gambling Times\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gamblingtimes.com\/in\/news\/vinpearl-gets-green-light-for-2-billion-casino\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vinpearl gets Local 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