Banyan Tree Holdings from Singapore, a leader in hotels, resorts, and luxury apartments in the Asia-Pacific region, has been granted the investment certificate to increase its total investment capital at Laguna Lang Co integrated resort to $2 billion.
|Banyan Tree Holdings received the adjusted certificate for its $2-billion expansion |
According to the local media, the charter capital of Banyan Tree Holdings will increase to $300 million from $175 million. Besides, the added capital will be used to build 998 more hotel rooms and 1,073 villas, while $249.8 million of the added capital will go to the casino project alone.
Previously, at a working session with Thua Thien-Hue authorities on January 2, 2018, Prime Minister Nguyen Xuan Phuc agreed in principle to add the casino business to Laguna Lang Co after years of mulling.
Starting operations in March 2013, the $875-million Laguna Lang Co Resort is located near Lang Co Bay, framed by a three-kilometre beach in Chan May region. This development includes Banyan Tree and Angsana hotels and spas, an 18-hole championship golf course designed by Nick Faldo, private villas and residences available for sale, convention facilities, and a plethora of recreational activities for guests of all ages.
The adjusted investment cerificate was issued after both the Thua Thien-Hue People’s Committee and the investor submitted documents numerous times to the prime minister to seek approval for the casino.
Notably, earlier in July 2014, Singaporean resort developer Banyan Tree Holdings sought the provincial leaders’ approval to build a casino in the complex, claiming the step would play an important role in the development of Laguna Lang Co Resort, the company’s first project in Vietnam.
In June 2015 and August 2017, Thua Thien-Hue proposed the prime minister to add the province’s Chan May-Lang Co Economic Zone to the list of areas allowed to have casinos in the country.
Along with Banyan Tree Holdings, another foreign investor visited Thua Thien-Hue looking to develop casino projects. In late July 2017, US-based casino operator and hospitality business Hard Rock International Inc. confirmed its interest in developing a casino at the Laguna Lang Co integrated resort complex.