Red Tape Could Stall Developer Who Wants to Build Casinos in Vietnam
Building new casinos in Vietnam comes with all kinds of government roadblocks
For whatever reason, in Asian and Russian countries, they like to zone off their casinos. Everything has to be in a designated ‘economic zone,’ perhaps indicating that most things in these national countries aren’t meant to make a lot of cash, at least not if they’re legal.
New Gambling Enterprises on the Runway
Vietnam fits this mold, and legal gambling enterprises are still a concept that is fairly new, not to mention almost solely targeted at a foreign market, as locals are mostly barred from casino gambling. Now a high-profile businessman that is vietnamese Hong Tuyen, listed as a CEO to view by the Japan Times wants to build a brand new casino project via his Tuan Chau Groupand its US partners in the Van Don Administrative Economic Zone in Quang Ninh province in the northeast region of Vietnam. He also desires to get a gambling house going in Ha Long City on nearby Tuan Chau island, adjacent to a new marina that will be checking there.
If he could possibly get ‘er done, Tuyen would be one of only a handful of developers to crack the bureaucracy grid that has long kept Vietnam lagging behind its Asian brethren in this arena. A huge sticking point for casino investors that are most was the somewhat odd dictum by the Vietnamese government that a minimum of US$4 billion be focused on any projected resort-casino plan; a number that is pretty daunting for even well-funded builders in the gaming industry these days. (more…)