Las Vegas Sands rolls dice on Vietnam casino deals

Las Vegas Sands Corp, the leading global developer of destination properties, is eyeing Hanoi and Ho Chi Minh City as potential investment targets.

Michael A. Leven, president and chief operating officer at Las Vegas Sands Corp, last week visited the Ministry of Planning and Investment (MPI) to express the firm’s interest in Vietnam.

Leven said the developer wanted to build integrated resorts like Singapore’s Marina Sands Bay in Hanoi or Ho Chi Minh City.

However, he said Las Vegas Sands Corp would not invest in Vietnam without permission to build integrated resorts comprising casinos in Hanoi or the southern hub.

No detailed investment plan was specified.

Leven’s visit to Vietnam came after Las Vegas Sands Corp chairman and chief executive officer Sheldon Adelson’s announcement last year that he planned to expand into Vietnam. Las Vegas Sands Corp’s destination properties feature premium accommodation, gaming and entertainment centres, convention and exhibition facilities and celebrity chef restaurants.

The firm now operates eight integrated resorts in locations including the United States, Macau and Singapore. The Vietnamese resort, if built, would be Las Vegas Sands Corp’s second in Southeast Asia.

However, a senior MPI official said Las Vegas Sands Corp would find it difficult to get government approval for investment in Hanoi or Ho Chi Minh City.

Gambling services are not encouraged by the government, with locals being prohibited from casinos. At present, the country has only one casino - Do Son Casino - in northern Haiphong City and this serves foreigners only.

Other foreign investors of integrated resorts in coastal provinces like Ba Ria-Vung Tau, Quang Nam, Phu Yen, Kien Giang and Danang are required to advertise gambling services under the moniker “exceptional entertainment area for foreigners”.

The resorts of this kind include Silver Shores International Resort in Danang, South Hoi An in Quang Nam province, Phu Yen High Grade Tourism Complex in Phu Yen province and Ho Tram Strip in Ba Ria-Vung Tau province.