A new US$2 billion integrated resort to be built by Vietnamese development giant Sun Group in Van Don, Quang Ninh Province is planned to open in 2032, the company has informed Vietnam’s central government.
The update, reported by local media outlet VnExpress, follows recent confirmation that Sun Group has been selected as the project’s developer and future operator 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 the latest report, the IR will be built on 245-hectares of mostly forest land with one side facing the sea. The project will incorporate hotels of up to 30 floors in height, office buildings, a museum, art and amusement venues and a casino with 214 gaming tables and 2,140 slot machines. The initial license will run for up to 70 years.
It was previously reported that development will 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).
Vietnam is currently reassessing it long-standing foreigner-only casino policy, having recently completed a pilot program for locals gaming at Corona Resort & Casino on the island of Phu Quoc. It is expected that locals gaming will soon be introduced to Corona Resort on a permanent basis and some rules around entry amended to improve processes. These include raising the entry fee for locals to around US$100 while scrapping a requirement to prove wealth.
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