Vietnamese development giant Sun Group has been selected to develop a new US$2 billion integrated resort in Quang Ninh Province after receiving approval from the Prime Minister and local authorities.
The development is set to include a provision for locals gaming under a revamped pilot program.
According to a report by local media outlet The Investor, Quang Ninh’s Provincial People’s Committee recently issued a document approving Sun Group subsidiary Don Sun Joint Stock Company to develop the casino resort on a 244.5-hectare site, of which 182.4 hectares has been set aside for project implementation and 62.1 hectares reserved for natural forest.
The project had previously received in-principle support from Prime Minister Pham Minh Chinh following a request by the Ministry of Finance.
Aside from casino gaming, the development is set to include hotels and apartments, condos and commercial townhouses, plus retail, office and conference space.
It is not yet clear when development will get underway and when the project will be completed. It was previously reported, however that development would be divided into three phases with the opening phase to include an investment of VND25.1 trillion (US$964 million), phase two VND22.1 trillion (US$849 million) and phase three VND4.3 trillion (US$165 million).
Only one property, Corona Resort & Casino on the island of Phu Quoc, took part in Vietnam’s first pilot program for locals gaming – a program that stagnated due to the COVID-19 pandemic and officially came to an end at the start of this year.
Since then there has been talk of an expanded pilot program being put into play, likely implementing key changes to the original trial including an entry levy model in place of a requirement to prove financial stability.
Sun Group is no stranger to Quang Ninh – best known as home of global tourist attraction Ha Long Bay – having developed the Van Don International Airport, Ha Long International Passenger Port, Ha Long-Van Don Expressway, Van Don-Mong Cai Expressway, Sun World Ha Long entertainment complex and more, according to The Investor.
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