Sun, Mar 1, 1:48pm by William Brown
The KN Paradise Cam Ranh beach resort in Vietnam is going to add a new casino complex to its list of offerings.
Calvin Ayre reports the promoter of the resort and new gambling facility, KN Cam Ranh Co Ltd, has confirmed that plans for the project are now definitively underway and that construction is expected to begin next year.
The company told GGR Asia that it had received approval for the new facilities, and that the first phase of activity should be ready within three years.
Now, all it needs is a few investors to help foot the bill and an operator to run the casino.
KM Cam Rahn Co issued a press release earlier this week, asserting that the government of Vietnam had issued an investment certificate for the “large-scale casino complex,” a required step in the process.
The approval was given on plans to build a casino complex spanning 40 acres that will offer 2,000 electronic gaming machines and 200 gaming tables, and requires a sizeable investment.
According to rewritten government rules for 2017, casino projects need at least $2 billion in investment funds for deals to be approved and $1 billion has to be put in before the project can open.
The firm wants investors to come in to help cover that amount.
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It hasn’t indicated how much of its own funds are being used to facilitate the construction, but it’s unlikely, even if it could, that it would want to try to build the casino out of its own pocket.
The company’s investment deputy-general director, who wasn’t identified by name, adds, “It is with great enthusiasm that we are adequately ready to cooperate with the international casino gaming operators for the development and operation of our integrated resort in Cam Ranh.
Undeniably, our strategic location and development plan will create an indispensable addition to the Pan-Asia integrated resort marketplace.”
In addition to the investments, a casino partner is needed to ensure the gambling activity is successful.
KN Cam Ranh Co indicates that it is prepared to bring in an international casino operation, but didn’t specify if it had anyone in mind.
The resort sits about five minutes from the Cam Ranh International Airport and has plans to become a world-class destination.
Covering an area of more than three square miles, there will ultimately be a large selection of residential and hotel options, entertainment and convention facilities, amusements parks and shopping.
It already has a golf course, designed by golfing great Greg Norman, and the Wyndham Grand KN Paradise Cam Ranh hotel began greeting guests late last year.
The first casino that allows Vietnamese citizens to gamble opened on Phu Quoc, the country’s largest island last year.
The Corona Resort and Casino went live and boasts a 30,000 square-metre casino floor with more than 200 gaming tables and well over 2,000 poker machines.
The complex features 2,000 five-star hotel rooms, 10 coastal villas, a convention centre, theatre, shopping mall, water park, spa, restaurants, bar and 18-hole golf course.
Daily casino operations will be overseen by Upffinity Gaming Management, a casino management firm of the Netherlands.
Upfinnity CEO Daniel Kupsin said Vietnam has an increasing number of domestic and international tourists, who have high demands for high-end hotels and entertainment services.
Phu Quoc Tourism Investment and Development Jsc has built the property and is part owned by the country’s largest conglomerate Vingroup.
Locals will be permitted onto the gaming floors for the first time in Vietnam with this new casino adding to its seven existing casinos, mostly at the country’s borders catering for foreign tourists.
Under a new government-endorsed programme, the Phu Quoc casino will allow locals to enter and gamble during a three-year trial period.
This will allow local lawmakers to determine whether residents should be allowed to gamble at local casinos permanently.
Only people aged 21 or over are able to gamble on the gaming floor.
There is an entry fee of VND1 million (US$43) to enter, while a monthly pass costs VND25 million (US$1,000).
The casino will be open 24/7 during the three-year trial period. Vietnamese passport holders will be allowed to gamble only if their minimum monthly income is VND10 million (US$430) or more and have no history of criminal offenses.
In Ho Chi Minh City, the monthly average salary was recently counted at VND 10.37 million (US$447.46), which is the highest in the country.
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