Vietnam’s $2bn casino gets the go-ahead
FLC Group Joint-stock CO. has joined the increasing number of foreign and local investors betting on Vietnam’s new legislation which allows locals to gamble will pay off.
FLC Faros Van Don, a unit of FLC Group, Co-founded by Trinh Van Quyet received permission from the northern provincial government of Quang Ninh to invest approximately $2bn in a casino resort.
The development will include a five-star hotel, convention centre and golf course in the Van Don Special Zone on the island of Ngoc Vung and Van Canh.
The company hopes its casino project on a total of 10,000 acres, will attract not only a vast amount of tourists but also the possibility of domestic gamblers.
FLC’s shares surged as much as 5.1% during Tuesday’s trading after news of the complex was released.
Earlier this year, the government of Vietnam announced that it would permit citizens over 21-years of age to play in local casinos from mid-March on the condition they have a monthly income of at least VND10m ($445).
Local Vietnamese locals will be able to gamble at two select casinos, the first in Quang Ninh province and the other on Phu Quoc Island, during the three-year pilot program.
By 2020, the projected number of tourists visiting Van Don is approximately 1.7 million, including 900,000 international visitors.
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