Laguna Lang Co to receive casino add-on by 2021

According to newswire Vnexpress, the Ministry of Planning and Investment (MPI) has proposed the prime minister to permit to adjust the capital added to Laguna Lang Co from $175 to $300 million, increasing the project’s total investment capital from $874 million to $2 billion and open a casino while adjusting the duration of building the project (including the casino and other stages), based on the proposal of Thua Thien-Hue People’s Committee and the investor.

According to the investor’s plan, the casino is expected to come into operation by 2021 with 500 electronic gaming machines and 50 card shufflers. The figures are expected to increase to 2,000 machines and 200 card shufflers by 2029. Besides, the investor will add six five-star hotels and more than 2,200 villas and apartments.

Before sending the document to the prime minister, MPI reminded the investor to improve its financial capacity and prepare feasible operation plans in line with Vietnam’s regulation in order to control the operations as well as prevent the negative impacts of the casino business on Vietnam.

Regarding the duration of the construction, MPI proposed the prime minister to permit the investor to develop it by 2026 instead of 2030 as the investor requested.

If approved, Laguna Lang Co will contribute $245 million to the province’s budget each year from 2021.

Starting operations in March 2013, the $875-million Laguna Lang Co Resort is located near Lang Co Bay, framed by a three-kilometre beach in Chan May region. This development includes Banyan Tree and Angsana hotels and spas, an 18-hole championship golf course designed by Nick Faldo, private villas and residences available for sale, convention facilities, and a plethora of recreational activities for guests of all ages.

Numerous foreign investors visited Thua Thien-Hue looking to develop casino projects. In late July, US-based casino operator and hospitality business Hard Rock International Inc. confirmed its interest in developing a casino at Laguna Lang Co integrated resort complex.

Daniel Cheng, Hard Rock’s senior vice president for casino business development in Asia, told GGRAsia that Hard Rock finished all site studies and completed all project financing. All the company is waiting for is the Vietnamese government to issue the casino license after which Hard Rock can put the spade to the ground immediately.

By Ha Vy

The article "Laguna Lang Co to receive casino add-on by 2021" was originally published on http://www.vir.com.vn/laguna-lang-co-to-receive-casino-add-on-by-2021.html