Hanoi asked to approve casino for $2.2 billion beach resort
A Lăng Cô development received a helping hand from provincial authorities recently when officials there asked the government in Hanoi to approve a casino for their 692-acre ocean side leisure project in the Thừa Thiên-Huếprovince in the North Central Coast region.
Vietnamnews.net reports that the development company is also requesting an increase in their investment threshold to US$2.2 billion, which is the amount necessary to participate in a 3-year pilot program that will allow Vietnamese citizens to enter some of the country’s casinos legally for the first time. According to a report on GGRAsia, the company already has registered capital of US$875 million.
It has long been known that the property would be seeking a casino, with Hard Rock International being mentioned by several media outlets several years ago, and again over the last weekend by vietnambiz.vn who stated that the company cooperates with Hard Rock as well as the Silver Heritage Group.
Reports indicate that the casino would open in Phase II of the project and beyond with expansions. By 2020, 500 machines and 50 tables are slated to be brought into operation, doubling those numbers in 3 years.
The Ministry of Defence, and Ministry of Culture, Sports and Tourism have reportedly approved the plan which will employ over 1,000 workers when in full operation. Between 2016 and 2020 two five-star hotels with 1,000 additional rooms as well as 1,653 villas will be opened. Through 2025 an additional 900 rooms over 2 more five-star hotels will be built along with another 250 villas which are expected to be offered for sale. The final phase of the project to be completed in 2030 will add 2 more five-star hotels with a total of 1,000 rooms along with 315 more deluxe villas up for sale.
The first Phase of the resort opened as Banyan Tree Lang Co in 2013. The property currently features a Banyan Tree resort with 57 villas, and a 229 room Angsana hotel and conference center. Also included is an 18-hole Nick Faldo-designed golf course along with the Laguna Sea Sports Centre and Marine Lab.