The chairman and co-founder of FLC Group, billionaire Trinh Van Quyet says his company has received permission to build a $2 billion casino/resort in Vietnam.
According to reports, permission was granted to the Hanoi-based firm by the northern provincial government of Quang Ninh.
FLC Group, which specializes in resorts and hotel developments in Vietnam, wants to build a five-star hotel, a convention center and a golf course along with a casino to attract not only local Vietnamese gamblers but also tourists from overseas.
In January, the Vietnamese government passed a law allowing certain casinos to admit Vietnamese gamblers to play in their casinos during a trial period. Now, only nationals that can prove their monthly income of $440 or more can play in those casinos. There’s also the stipulation that the casino allowing local gamblers must have a total capital investment of at least $2 billion.
The Vietnamese government wants to encourage players to stay at home. It is estimated that a significant number of Vietnamese gamblers now travel overseas spending nearly $1 billion a year in casinos.