Vietnam to build $2.24bln casino on Khanh Hoa’s Hon Tre island
The casino is a part of an integrated entertainment project called the Hon Tre Complex. The casino is being combined with seven ongoing projects on the island.
The complex is expected to be built in two phases. The first phase is projected in 2024 with 200 gaming tables and 2,000 machines for prize-winning electronic games.
Khanh Hoa authorities believe the project with a casino will make a significant contribution to local budget collections.
It is expected that it will pay VND1.2 trillion in tax a year until 2024 to the budget. From 2025, when the casino becomes operational, the tax collection from the project would be VND3.6 trillion, and VND6-9 trillion in the following years.
The project with the casino will create many jobs for local workers and neighboring provinces, and increase the contingent of high-quality, well educated workers.
Replying to the concern about the impact on local social order and security, the provincial authorities said this would not be a significant problem.
Hon Tre Island is isolated, located far from neighboring residential areas. Cable cars and waterways are used to reach the island.
All business, tourism and entertainment activities will be managed in a professional way to ensure safety and security in accordance with international standards and current laws.
Hon Tre is the largest island in Nha Trang Bay with total area of 32.5 square kilometers. There are seven projects under implementation on the island with total investment capital of VND22 trillion, or $1 billion, including Hon Tre Island Development, Bai Tru – Dam Gia Tourism Village, a villa and golf course development project, and a cultural park and ecotourism project.
The Khanh Hoa provincial authorities have pledged to manage and supervise compliance with provisions of the law on investment, project implementation and investors’ capital contributions.
The Government Office last August sent a document to the Ministry of Finance (MOF) requesting the ministry to collect opinions from relevant ministries about the project and report to the Prime Minister for consideration.
Of three large-scale casino projects in Thua Thien-Hue, Kien Giang and Khanh Hoa provinces approved by the Prime Minister, only the casino project on Phu Quoc Island has opened (January 2019). The others, Laguna Lang Co and one in Cam Ranh, Khanh Hoa, are under investment.
Same category news
VnExpress | Long Nguyen
Hot news of the day
Bloomberg | Nguyen Kieu Giang
VnExpress | Dat Nguyen