The People’s Committee of Quang Ninh Province has given thumbs-up to a proposed US$2 billion (VND52.6 trillion) resort complex in Van Don, a special economic zone in northeastern Vietnam.
Van Don Sun Joint Stock Company, a unit of the Sun Group, will develop the resort, with a casino that will be open to domestic and international players. VietNam Net described the 244.45-hectare (2.24 million-square-metre) project as “a self-contained ecosystem”. In addition to luxury hotels, condos and townhouses, it will contain shopping and wellness services, convention and recreation facilities and 24/7 entertainment venues.
The complex, targeted at international punters and middle- and upper-class Vietnamese, aspires to rival the world’s top gaming destinations, including Macau and Las Vegas. According to a 2024 report by Vietnam Briefing, the country’s middle class could double by 2026, comprising 26% percent of the population versus 13% in 2023. That will create “significant opportunities for businesses”.
Not the first casino to welcome Vietnamese
Vietnam has traditionally frowned on gambling, considering it as a capitalist vice that brought corruption and crime. For decades, only state-run lotteries were legal. But as casinos sprang up in nearby Cambodia, the Philippines and Macau, the country began to reconsider its position.
In 2019, it launched a three-year locals-gaming trial in Phu Quoc, an island in the Gulf of Thailand. The pilot programme, extended to 2024 due to the effects of Covid-19, ended last December following poor financial performance by the Corona Resort & Casino. The property reported losses of VND300 billion in the first half of 2024, in part due to a decline in locals patronage.
But as Phu Quoc enjoys a surge in local and international tourism, the government may once again lift those restrictions. In 2024, Travel & Leisure named Phu Quoc the second most beautiful island in the world, after the Maldives. For the first half of this year, Phu Quoc posted a stunning 92.6% increase in year-on-year tourism revenue.
Sun Group a major Quang Ninh developer
Sun Group has developed several landmark projects in Quang Ninh, including Van Don International Airport, Ha Long International Cruise Port and other resorts and entertainment districts.
“We are honoured to have been entrusted with this landmark development,” said Nguyen Quang Huy, chairman of Sun Group’s Northern Region. “Sun Group pledges to mobilise all our resources and apply the highest standards of planning, architecture and operations to deliver an integrated tourism and entertainment complex that fully reflects the historic potential of Van Don and the extraordinary heritage value of Quang Ninh.
“We believe this project will create unprecedented experiences for guests while making a significant contribution to Quang Ninh’s economy and advancing the Van Don Economic Zone to become a new benchmark for tourism and entertainment in Viet Nam.”
Construction of the Van Don complex could take nine years, once the site is approved.
Original article: https://igamingbusiness.com/casino/vietnam-province-oks-integrated-casino-resort-locals/
