Billion dollar project on cards

Relevant government agencies believe they have revitalised the project for the central province of Quang Nam after advising the investor at a meeting in Hanoi on how to go ahead without building the casino in the first phase.
The initial stage of the renamed Global Tourism Complex and Trading Centre would comprise residential and sports facilities on a 450-hectare site.
Implementation of the sensitive casino aspect of the project would only be considered by government officials after the American investor, Global C&D Inc, finished the first phase of construction.
The American investor planned to develop the casino in the first stage, considering it an essential part of its $1-billion investment in the massive complex that spans three villages in Dien Duong commune in Quang Nam’s Dien Ban district.
The project’s original plan included construction of 500 apartments, 8,000 premium hotel rooms, a commercial conference and exhibition centre, a health spa, a 36-hole golf course, a marine activity area and park, and last but not least the casino with auxiliary facilities for foreigners.
After consultation with relevant authorities, the investor decided to build the entire infrastructure for the site, 200 apartments and an 18-hole golf course before proceeding with the casino.
The project received strong support from Quang Nam authorities, as well as many ministry officials, who hoped it would stimulate economic development in the poverty-stricken province.
After meeting provincial authorities last August, Prime Minister Phan Van Khai expressed agreement in principle with the project and permitted the investor to conduct a feasibility study, stipulating only that the project be renamed “appropriately”.
Director of the Ministry of Planning and Investment’s Foreign Investment


Agency, Phan Huu Thang, said central provinces like Quang Nam desperately needed large service projects.
Thang said most authorities at the consultative meeting therefore also supported Global C&D Inc’s venture as it would fuel infrastructure and service development near the project site.
“A large-sized project like Global Tourism Complex and Trading Centre will be very helpful to poverty reduction in Quang Nam,” he said.
However, Thang pointed out that measures would be required to strictly control Vietnamese access to any gambling, which is not encouraged in Vietnam, before a casino could be built.
The country has just one casino, in the northern resort town of Do Son, which is accessible only to foreigners and overseas Vietnamese.
Several four- and five-star hotels have been licensed to operate limited casino services such as slot machines and jackpots, but there have been instances of Vietnamese attempting to enter these gaming establishments.
Last July, the Government Office publicised Prime Minister Vu Khoan’s directive that stated any applications for casino projects would not be considered and management of slot machine centres would be tightened.
The directive placed a deadlock on projects incorporating casinos, including the $300 million Atlantis Hotel in Ba Ria-Vung Tau province.
Backed by America’s Winvest Investment LLC, the first stage of the project involved a casino and five-star hotel with 1,200 rooms that would cost about $150 million to build.
However, a company spokesman told Vietnam Investment Review that the investor would pursue Atlantis even without a casino.
Winvest said it aims to turn the site into a prosperous and internationally attractive destination to promote high-end tourist flow to Vietnam.