On Hon Tre Island in Khanh Hoa Province, Vietnam’s south central coast, a new US$2 billion integrated resort development will be built soon.
According to local media sources, Vinpearl Co, a leisure and hospitality division of the Vingroup Joint Stock Company corporation, has proposed the construction of a new resort that will include a casino, 1,200-room 5-star hotel, conference centre, and transportation system. It also suggests preparing a site for the construction of further 5- and 6-star hotels.
Cost of development
The cost of development is estimated to be VND50 trillion ($2.2 billion). Investors must invest a minimum of US$2 billion in any new resort construction in order to be awarded a casino licence under Vietnam’s current gaming regulations.
In Vietnam, there are reportedly eight legal casinos, including Suncity Group’s Hoiana outside of Hoi An, which opened in June 2020 with a soft opening.
According to VNExpress, Vinpearl’s plan is to increase the size and investment level of a number of ongoing ventures on Hon Tre island, including numerous hotel and villa projects and golf course improvements, to allow for the inclusion of a casino.
The first phase of the project will cost VND25.7 trillion (US$1.1 billion) and include a new casino with 200 gaming tables and 2,000 computer game machines, which will open in 2024.
The 1,200-room hotel, convention centre, transportation and strategic facilities, and a larger entertainment facility in which the casino will be housed will be included in Phase 2, which is expected to be finished by the end of 2025.
If approved, the casino will be the province’s second, following KN Paradise Cam Ranh, which was approved in August 2019 and is set to open in 2023.