The KN Paradise Cam Ranh beach resort in Vietnam is going to add a new casino complex to its list of offerings. The promoter of the resort and new gambling facility, KN Cam Ranh Co Ltd, has confirmed that plans for the project are now definitively underway and that construction is expected to begin next year. The company told GGRAsia that it had received approval for the new facilities, and that the first phase of activity should be ready within three years. Now, all it needs is a few investors to help foot the bill and an operator to run the casino.
KM Cam Ranh Co. issued a press release yesterday, asserting that the government of Vietnam had issued an investment certificate for the “large-scale casino complex,” a required step in the process. The approval was given on plans to build a casino complex spanning 40 acres that will offer 2,000 electronic gaming machines and 200 gaming tables, and requires a sizable investment. According to rewritten government rules from 2017, casino projects need at least $2 billion in investment funds for deals to be approved and $1 billion has to be put in before the project can open.
The firm wants investors to come in to help cover that amount. It hasn’t indicated how much of its own funds are being used to facilitate the construction, but it’s unlikely, even if it could, that it would want to try to build the casino out of its own pocket.
The company’s investment deputy-general director, who wasn’t identified by name, adds, “It is with great enthusiasm that we are adequately ready to cooperate with the international casino gaming operators for the development and operation of our integrated resort in Cam Ranh. Undeniably, our strategic location and development plan will create an indispensable addition to the Pan-Asia integrated resort marketplace.”
In addition to the investments, a casino partner is needed to ensure the gambling activity is successful. KN Cam Ranh Co. indicates that it is prepared to bring in an international casino operator, but didn’t specify if it had anyone in mind.
The resort sits about five minutes from the Cam Ranh International Airport and has plans to become a world-class destination. Covering an area of more than three square miles, there will ultimately be a large selection of residential and hotel options, entertainment and convention facilities, amusement parks and shopping. It already has a golf course, designed by golfing great Greg Norman, and the Wyndham Grand KN Paradise Cam Ranh hotel began greeting guests late last year.