Yesterday, Prime Minister Nguyen Xuan Phuc agreed in principle to the proposal to add the casino business to Laguna Lang Co—the largest world-class integrated resort in Central Vietnam—after years of mulling.
|PM Nguyen Xuan Phuc at the working session with Thua Thien-Hue authorities
At a working session with the central province of Thua Thien-Hue authorities on January 2, 2018, the government leader permitted the resort to increase its total investment capital from $875 million to $2 billion.
The resort is run by Singapore's Banyan Tree Holdings, a leader in hotels, resorts, and luxury apartments in the Asia-Pacific region. The PM's support will enable Banyan Tree to meet the requirement of having total registered investment capital of $2 billion indicated in the decree on casino businesses, issued in January 2017 and took effect in March last year.
According to Ho Kwon Ping, executive chairman of Banyan Tree Holdings, the Vietnamese government’s procedures on approving casinos are reasonable, and his firm looks forward to a favourable decision soon, particularly as they have other investors waiting for the new investment certificate to be granted before investing in the project.
"Our US partner has shown interest in running a casino business in Laguna Lang Co. Once we get the licence, we will work with our partner to create a more detailed plan," according to a source from Banyan Tree.
Numerous foreign investors visited Thua Thien-Hue looking to develop casino projects. In late July, US-based casino operator and hospitality business Hard Rock International Inc. confirmed its interest in developing a casino at Laguna Lang Co integrated resort complex.
Starting operations in March 2013, the 280-hectare resort is located near Lang Co Bay, one of the world's most beautiful bays. Banyan Tree has so far disbursed $250 million in the resort.