A billionaire-backed real estate company, FLC Group Joint-stock Co., wants to cash in on Vietnam’s three-year casino pilot program.
In a statement to Bloomberg, FLC Group confirmed that the government of Quang Ninh gave the greenlight to its unit, FLC Faros Van Don, to build a $2 billion casino resort in the Van Don Special Economic Zone located on the islands of Ngoc Vung and Van Canh. The developer plans to build a five-star hotel, a convention center and a golf course on 4,000 hectares of land, which it hopes will attract not just tourists but also domestic gamblers, according to the news outlet.
FLC Group is co-founded by billionaire lawyer Trinh Van Quyet and operates in commerce and services, the company said on its website.
The government of Vietnam announced early this year that it would allow citizens over 21 years old to play in local casinos from mid-March as long as they have a monthly income of at least VND10 million (USD445). Under the three-year pilot program, local residents will be allowed to gamble at two select casinos—one in Quang Ninh province and the other on Phu Quoc island.
Vietnam currently has seven casinos operating in some of its popular tourist destinations, including Quang Ninh, where tourists often visit for the famous Ha Long Bay. Local casino owners, however, admitted that they are losing money or making very little because aside from fewer tourists visiting Vietnam to gamble, the growing local competition have also caused their businesses to lag—a situation that the government hoped to change for the better once the long-running ban on gambling is lifted and locals are permitted to enter the casino halls.
Bui Quang Vinh, minister of planning and investment, recently said that local governments are already planning to bet big on gambling. Even Ha Giang, a province in the northern Vietnam, has tabled a proposal to build a casino.
