Hard Rock Affirmed for Developing Casino Resort in Vietnam

Hard Rock International Inc which is a global casino operator has affirmed its plans for building and developing a casino at beach resort Laguna Lăng Cô which is located in Thua Thien-Hue province.

The company’s senior official has said that the site construction is likely to begin as soon as Vietnamese government issues the casino license.

Daniel Cheng who is the Senior Vice President of Hard Rock for casino business development in Asia has made the following statement:

We have finished all the site studies and completed all project financing. All we are waiting is for the [Vietnam] national government to issue the casino licence and we are ready to put spade on the ground immediately.

He further stated that Hard Rock International had been shortlisted for the construction of resort under a 2015 RFC (Request for Concept) process. The official did not share any further detail related to the plan because he said that RFC was not meant for the public.

The 1st phase of Laguna Lăng Cô project will cover an area of 280 hectares, and there will be a development of Banyan tree resort that will comprise of 57 villas. There will be an Angsana resort consisting of 229 rooms with an 18-hole golf course. The beach resort that was opened way back in 2013 has a capital cost of $875 million.

GMA or Global Market Advisor LLC which is a gaming consulting firm has acted as an advisor to the government of Vietnam to identify a gaming partner for the resort complex. In 2015, the firm indicated that some big international casino operators had expressed their desires in the site of Laguna Lang Co.

As per Vietnamese news outlet, local government authorities at Thua Thien Hue have recently acquired permission from central government to increase the capital investment threshold for Laguna beach resort to $2 billion and permit the casino development over there.

Under the recently released gaming decree in Vietnam, only those projects with investments of $2 million and above can participate in a pilot program allowing the local people to enter the casinos. Till date, only two casinos have been selected for the pilot program.

The current proposal available to Vietnamese government has outlined a capital expenditure worth $250 million for the casino resort that will be rolled out in 4 consecutive phases. As per a local media report, the casino project will generate revenue worth $245 million per year to the coffers of local government from 2021 onwards. The proposal has been approved by some different vital authorities like for instance Ministry of Defense, Ministry of Culture, Sports and Tourism.

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