Nam Hoi An Casino Resort project breaks ground in Vietnam

Located in the UNESCO heritage city of Hoi An in the Quang Nam Province, the project is meant to become the second integrated resort in the Asian country after the Grand Ho Tram Strip.

Nam Hoi An Casino Resort is a joint venture project between Vietnamese investment banking firm VinaCapital, Macau-based SunCity Group and Hong Kong-based Chow Tai Fook Enterprises, with the jewellery operation taking the lead after acquiring VinaCapital’s majority stake in September, reported the publication. VinaCapital, however, announced last week that it would increase its stake in the project to a total of 32pc, up from its previously held 22.5pc, the publication states.

SunCity and Chow Tai Fook stepped in to fill the void left by Genting Malaysia Berhad – previous investors in the project until September 2012, when the group announced its sudden withdrawal. This was what caused most delay to the project which in fact was issued an investment certificate since 2010 according to Do Xuan Dien, head of the management board for the Chu Lai Open Economic Zone.

Companies have initiated works on the project’s first phase which is estimated to cost US$500m and cover an area of 160ha. Phase one construction, expected to include luxury apartments and villas, a golf course, an amusement park and a state-of-the-art casino. The five-year project will also include a five-star hotel, an eco-park and a cable car service and a marina.

Nam Hoi An Casino Resort will be the first integrated resort in central Vietnam with high-end gaming options; however, these are still restricted to international visitors, one of the reasons Genting pulled out, following the government’s demand of a $4bn threshold investment.